Oncolytics Biotech (NASDAQ:ONCY) Trading Up 0.2% - Time to Buy?

Key Points

• Oncolytics Biotech shares rose 0.2% to $0.7530 in midday trading, while volume was 36% below the stock’s average daily level.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $8.50, compared with its sub-$1 trading price.
• The company remains a loss-making clinical-stage biotech; it reported a quarterly loss of $0.08 per share versus expectations of $0.05, and analysts forecast a full-year loss of $0.25 per share.

Oncolytics Biotech Inc. (NASDAQ:ONCY - Get Free Report) shares rose 0.2% on Thursday . The company traded as high as $0.7660 and last traded at $0.7530. Approximately 995,781 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 1,559,754 shares. The stock had previously closed at $0.7516.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONCY. 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. HC Wainwright restated a "buy" rating on shares of Oncolytics Biotech in a research note on Tuesday, July 14th. Finally, Wall Street Zen downgraded Oncolytics Biotech from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Oncolytics Biotech currently has a consensus rating of "Moderate Buy" and an average price target of $8.50.

Oncolytics Biotech Stock Performance

The firm's 50-day moving average price is $0.88 and its two-hundred day moving average price is $0.94. The firm has a market cap of $89.87 million, a PE ratio of -2.43 and a beta of 1.09.

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

Institutional Trading of Oncolytics Biotech

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in Oncolytics Biotech in the first quarter valued at approximately $608,000. Citadel Advisors LLC purchased a new position in shares of Oncolytics Biotech during the third quarter worth approximately $535,000. Connective Capital Management LLC purchased a new position in shares of Oncolytics Biotech during the fourth quarter worth approximately $131,000. XTX Topco Ltd acquired a new position in shares of Oncolytics Biotech in the 4th quarter valued at $69,000. Finally, Virtu Financial LLC acquired a new position in shares of Oncolytics Biotech in the 4th quarter valued at $68,000. 6.82% of the stock is owned by hedge funds and other institutional investors.

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.