Oncolytics Biotech (NASDAQ:ONCY) Trading Down 3% - Here's Why

Oncolytics Biotech Inc. (NASDAQ:ONCY - Get Free Report) shares fell 3% during trading on Tuesday . The stock traded as low as $0.74 and last traded at $0.75. 1,030,720 shares changed hands during mid-day trading, an increase of 57% from the average session volume of 658,357 shares. The stock had previously closed at $0.77.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. HC Wainwright reissued a "buy" rating and set a $5.00 price objective on shares of Oncolytics Biotech in a report on Wednesday, May 21st. Jones Trading reissued a "hold" rating on shares of Oncolytics Biotech in a report on Friday, May 16th. Maxim Group cut their price objective on shares of Oncolytics Biotech from $5.00 to $3.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, Royal Bank Of Canada reduced their target price on Oncolytics Biotech from $6.00 to $5.00 and set an "outperform" rating on the stock in a report on Monday, March 10th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.33.

Oncolytics Biotech Trading Up 14.4%

The stock has a market cap of $84.95 million, a P/E ratio of -3.11 and a beta of 1.07. The company has a 50-day moving average price of $0.54 and a two-hundred day moving average price of $0.66.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. As a group, equities analysts forecast that Oncolytics Biotech Inc. will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Oncolytics Biotech

Hedge funds have recently bought and sold shares of the business. National Bank of Canada FI boosted its position in Oncolytics Biotech by 199.6% in the 4th quarter. National Bank of Canada FI now owns 64,479 shares of the company's stock valued at $60,000 after buying an additional 42,955 shares during the period. Geode Capital Management LLC raised its holdings in Oncolytics Biotech by 59.6% in the fourth quarter. Geode Capital Management LLC now owns 66,939 shares of the company's stock worth $61,000 after purchasing an additional 24,997 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Oncolytics Biotech during the fourth quarter valued at about $90,000. Institutional investors 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.