Oncolytics Biotech (NASDAQ:ONCY) Stock Price Down 3.1% - Here's What Happened

Key Points

• Shares of Oncolytics Biotech Inc. (NASDAQ: ONCY) fell by 3.1%, trading between $1.22 and $1.24, with a notable decline in trading volume by 22% compared to the average daily volume.
• Equities analysts rated Oncolytics Biotech with an average of "Moderate Buy" and set a consensus price target of $5.00, with some analysts giving target prices as high as $7.00.
• Oncolytics Biotech reported a quarterly EPS of ($0.05), exceeding estimates, while institutional investors boosted their positions in the company, leading to them owning 6.82% of the stock.

Shares of Oncolytics Biotech Inc. (NASDAQ:ONCY - Get Free Report) were down 3.1% during trading on Monday . The company traded as low as $1.22 and last traded at $1.24. Approximately 904,219 shares changed hands during trading, a decline of 22% from the average daily volume of 1,158,127 shares. The stock had previously closed at $1.28.

Analysts Set New Price Targets

A number of equities analysts have commented on ONCY shares. HC Wainwright reaffirmed a "buy" rating and set a $5.00 target price on shares of Oncolytics Biotech in a research note on Wednesday, May 21st. Lake Street Capital started coverage on shares of Oncolytics Biotech in a research note on Wednesday, August 13th. They set a "buy" rating and a $7.00 target price on the stock. Finally, Wall Street Zen raised shares of Oncolytics Biotech from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Oncolytics Biotech has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Oncolytics Biotech Trading Down 3.1%

The company has a market cap of $124.45 million, a price-to-earnings ratio of -4.59 and a beta of 1.19. The firm's fifty day simple moving average is $1.09 and its 200 day simple moving average is $0.76.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.06. As a group, sell-side analysts expect that Oncolytics Biotech Inc. will post -0.28 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Oncolytics Biotech stock. Seeds Investor LLC boosted its position in shares of Oncolytics Biotech Inc. (NASDAQ:ONCY - Free Report) by 17.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,767 shares of the company's stock after acquiring an additional 33,826 shares during the period. Seeds Investor LLC owned about 0.23% of Oncolytics Biotech worth $173,000 as of its most recent SEC filing. Institutional investors and hedge funds own 6.82% of the company's stock.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancer. The company is developing pelareorep, an intravenously delivered immunotherapeutic agent, which is in phase 3 clinical trial for the treatment of hormone receptor-positive / human epidermal growth factor 2-negative metastatic breast cancer and advanced/metastatic pancreatic ductal adenocarcinoma.

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