Oncolytics Biotech (NASDAQ:ONCY) Trading Down 5.2% - Time to Sell?

Key Points

• Oncolytics Biotech shares fell 5.2% to about $0.68, with trading volume nearly double the average. The stock is below both its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $5.00 target price; however, HC Wainwright recently lowered its target to that level.
• The clinical-stage biotech reported a quarterly loss of $0.08 per share, missing expectations by $0.03. Its lead candidate, pelareorep, is being evaluated in combination therapies for breast cancer, pancreatic cancer and other solid tumors.

Oncolytics Biotech Inc. (NASDAQ:ONCY - Get Free Report)'s stock price traded down 5.2% during trading on Wednesday . The stock traded as low as $0.6602 and last traded at $0.6765. Approximately 1,889,240 shares traded hands during mid-day trading, an increase of 97% from the average session volume of 958,747 shares. The stock had previously closed at $0.7133.

Analyst Ratings Changes

Several research firms recently commented on ONCY. HC Wainwright lowered their target price on Oncolytics Biotech to $5.00 and set a "buy" rating for the company in a research note on Wednesday, August 19th. Weiss Ratings raised Oncolytics Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $5.00.

Oncolytics Biotech Stock Down 5.2%

The stock has a market cap of $86.26 million, a PE ratio of -1.99 and a beta of 1.15. The firm has a fifty day moving average of $0.81 and a 200 day moving average of $0.89.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). On average, equities research analysts forecast that Oncolytics Biotech Inc. will post -0.29 EPS for the current fiscal year.

Institutional Trading of Oncolytics Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vantage Point Financial LLC purchased a new position in shares of Oncolytics Biotech in the 2nd quarter valued at $28,000. PFG Investments LLC boosted its stake in Oncolytics Biotech by 131.0% in the first quarter. PFG Investments LLC now owns 52,900 shares of the company's stock valued at $45,000 after acquiring an additional 30,000 shares in the last quarter. Susquehanna International Group LLP grew its holdings in shares of Oncolytics Biotech by 224.6% during the second quarter. Susquehanna International Group LLP now owns 134,129 shares of the company's stock worth $127,000 after purchasing an additional 92,806 shares during the last quarter. Connective Capital Management LLC acquired a new stake in shares of Oncolytics Biotech during the fourth quarter worth about $131,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Oncolytics Biotech during the first quarter worth about $608,000. Institutional investors and hedge funds own 6.82% of the company's stock.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc is a clinical-stage biotechnology company focused on developing immunotherapies for cancer. The company's lead product candidate is pelareorep, an investigational form of reovirus designed to selectively target certain cancer cells and stimulate an immune response against tumors.

Oncolytics is evaluating pelareorep in combination with other cancer treatments, including immune checkpoint inhibitors and chemotherapy. Its research has focused primarily on breast cancer, pancreatic cancer and other solid tumors, with development programs conducted through collaborations and clinical studies in North America and other regions.

Founded in 1998 and headquartered in Calgary, Alberta, Oncolytics Biotech operates as a development-stage biotechnology company.

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