Oncolytics Biotech (NASDAQ:ONCY) Shares Up 16.1% - What's Next?

Key Points

• Oncolytics Biotech shares surged 16.1% in Thursday trading, reaching an intraday high of $0.97 before closing at $0.92 on volume that was well above average.
• Analyst sentiment is mixed but still leans positive: HC Wainwright reiterated a buy with a $10 price target, while other firms downgraded the stock; MarketBeat’s average target is $8.50.
• The company remains a clinical-stage biotech focused on pelareorep, its lead cancer therapy candidate, which is being tested in advanced trials across several cancer types after a recent earnings miss.

Oncolytics Biotech Inc. (NASDAQ:ONCY - Get Free Report)'s share price shot up 16.1% during mid-day trading on Thursday . The company traded as high as $0.97 and last traded at $0.92. 2,195,041 shares traded hands during trading, an increase of 116% from the average session volume of 1,016,877 shares. The stock had previously closed at $0.7923.

Analysts Set New Price Targets

A number of brokerages have recently commented on ONCY. Weiss Ratings downgraded shares of Oncolytics Biotech from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 25th. HC Wainwright restated a "buy" rating and issued a $10.00 price target on shares of Oncolytics Biotech in a research note on Tuesday, May 26th. Finally, Wall Street Zen cut shares of Oncolytics Biotech from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $8.50.

Oncolytics Biotech Stock Performance

The stock has a market capitalization of $109.80 million, a price-to-earnings ratio of -2.97 and a beta of 1.09. The business has a fifty day simple moving average of $0.89 and a 200 day simple moving average of $0.96.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). On average, sell-side analysts forecast that Oncolytics Biotech Inc. will post -0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Oncolytics Biotech

A number of hedge funds have recently added to or reduced their stakes in ONCY. Scientech Research LLC acquired a new position in Oncolytics Biotech in the third quarter valued at about $25,000. Blair William & Co. IL bought a new position in Oncolytics Biotech in the 4th quarter valued at approximately $28,000. Security National Bank of Sioux City Iowa IA acquired a new stake in shares of Oncolytics Biotech during the 4th quarter valued at $29,000. Ground Swell Capital LLC bought a new stake in shares of Oncolytics Biotech during the fourth quarter worth about $30,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Oncolytics Biotech during the 4th quarter worth approximately $44,000. Institutional investors own 6.82% of the company's stock.

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.

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