Oncolytics Biotech (NASDAQ:ONCY) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Oncolytics Biotech reported a quarterly loss of $0.08 per share, missing analysts’ consensus estimate of a $0.05 loss by $0.03.
• The stock rose 0.5% to about $0.82, near the lower end of its 52-week range; institutional investors own 6.82% of the company after several funds recently initiated positions.
• Analyst sentiment is mixed but averages to a “Moderate Buy”, with a consensus price target of $8.50 versus the current share price. The company is developing pelareorep, an oncolytic viral therapy being tested in multiple cancer indications.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03), Zacks reports.

Oncolytics Biotech Stock Up 0.5%

ONCY traded up $0.00 on Wednesday, reaching $0.82. The company's stock had a trading volume of 699,429 shares, compared to its average volume of 1,324,595. The company has a market capitalization of $98.31 million, a price-to-earnings ratio of -2.66 and a beta of 1.13. Oncolytics Biotech has a fifty-two week low of $0.73 and a fifty-two week high of $1.51. The stock has a 50 day moving average of $0.86 and a two-hundred day moving average of $0.93.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Scientech Research LLC acquired a new stake in Oncolytics Biotech during the 3rd quarter worth $25,000. Blair William & Co. IL purchased a new position in shares of Oncolytics Biotech during the fourth quarter worth about $28,000. Security National Bank of Sioux City Iowa IA acquired a new stake in shares of Oncolytics Biotech during the fourth quarter worth about $29,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Oncolytics Biotech during the fourth quarter worth about $44,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in shares of Oncolytics Biotech in the 4th quarter valued at about $63,000. 6.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ONCY shares. Weiss Ratings upgraded shares of Oncolytics Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 13th. Wall Street Zen cut shares of Oncolytics Biotech from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Finally, HC Wainwright reissued a "buy" rating on shares of Oncolytics Biotech in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $8.50.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc NASDAQ: ONCY is a clinical-stage biotechnology company focused on the development of novel oncolytic viral therapies for the treatment of cancer. The company's lead investigational agent, pelareorep (Reolysin), is a proprietary formulation of reovirus engineered to selectively infect and destroy tumor cells while stimulating a systemic antitumor immune response. Oncolytics leverages the natural biology of the virus to enhance the activity of standard‐of‐care treatments and immune checkpoint inhibitors.

Pelareorep has progressed into multiple advanced clinical trials, with combination studies conducted in metastatic breast cancer, non‐small cell lung cancer and head and neck cancers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source