Oncolytics Biotech (NASDAQ:ONCY) Price Target Cut to $5.00 by Analysts at HC Wainwright

Key Points

• HC Wainwright lowered Oncolytics Biotech’s price target to $5.00 but maintained a “Buy” rating, implying potential upside of approximately 492% from the stock’s $0.84 price.
• Analyst sentiment is mixed: MarketBeat reports a consensus “Moderate Buy” rating, with one Strong Buy, one Buy and one Sell rating. The average target price remains $5.00.
• Oncolytics reported a quarterly loss of $0.08 per share, missing the $0.05 loss estimate, while institutional investors and hedge funds collectively own 6.82% of the company.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) had its price objective lowered by HC Wainwright to $5.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price objective would suggest a potential upside of 491.86% from the stock's current price.

Several other research analysts also recently issued reports on ONCY. Wall Street Zen downgraded shares of Oncolytics Biotech from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Weiss Ratings raised Oncolytics Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $5.00.

Oncolytics Biotech Price Performance

Shares of NASDAQ:ONCY opened at $0.84 on Wednesday. Oncolytics Biotech has a 12 month low of $0.73 and a 12 month high of $1.51. The firm has a market capitalization of $100.83 million, a P/E ratio of -2.48 and a beta of 1.13. The company's fifty day moving average price is $0.86 and its 200 day moving average price is $0.92.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). On average, sell-side analysts anticipate that Oncolytics Biotech will post -0.25 EPS for the current year.

Institutional Trading of Oncolytics Biotech

Several hedge funds have recently modified their holdings of ONCY. Renaissance Technologies LLC acquired a new position in Oncolytics Biotech during the first quarter worth $608,000. Citadel Advisors LLC purchased a new position in shares of Oncolytics Biotech in the 3rd quarter valued at about $535,000. Connective Capital Management LLC acquired a new stake in shares of Oncolytics Biotech in the fourth quarter valued at about $131,000. XTX Topco Ltd purchased a new stake in Oncolytics Biotech during the fourth quarter worth about $69,000. Finally, Virtu Financial LLC purchased a new position in Oncolytics Biotech in the fourth quarter valued at about $68,000. 6.82% of the stock is owned by institutional investors and hedge funds.

About Oncolytics Biotech

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.

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