The stock of Onconova Therapeutics, Inc. (NASDAQ:ONTX) is now priced at $1.24 and the shares are 0.13 points up or 11.71% higher compared to its previous closing price of $1.11. The stock had 20.231 million contracts set over the past session. ONTX shares’ daily volume is compared to its average trading volume at 15 million shares. However, it has a float of 167 million and although its performance was 13.76% over the week, it’s one to watch. Analysts have given the ONTX stock a yearly average price target of $1.64 per share. It means the stock’s upside potential is 32.26% with the ONTX share price recently placing at $0.983 to $1.15. However, some brokerage firms have priced the stock below the average, including one that has called $1.25.
The shorts are running away from the Onconova Therapeutics, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the ONTX shares have declined. Short interest in the stock represents just 4.7% of its float, but the volume has dropped by -714907. The volume of shorted shares dropped to 7.845 million from 8.56 million shares over the last two weeks. The average intraday trading volume has been 3.661 million shares, which means that days to cover moved to roughly 2.142927.
In the last trading session, Onconova Therapeutics, Inc. (NASDAQ:ONTX) raised by $0.15 over the week and gained $0.6989 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.84. The stock recorded its established 52-week high on 09/11/19.
Since 11/26/19, the stock has traded to a low of $0.1027 at 1107.4%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.51. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Onconova Therapeutics, Inc.’s two-week RSI is 72.83. This suggests that the stock is oversold at the moment and that ONTX shares’ price movement remains not stable. The stochastic readings are equally revealing at 61% meaning the ONTX share price is currently in neutral territory.
The technical chart shows that the ONTX stock will likely settle at between $1.27 and $1.3 per share. However, if the stock dips below $1.19, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.14.
Currently, the stock is trading in the green of MACD, with a reading of 0.1381. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at H.C. Wainwright though raised target price of ONTX stock from $6 to $7.50 but maintained Buy recommendation in their March 01 review. Maxim Group analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on January 17. H.C. Wainwright analysts see the stock as Buy when the analysts initiated the share price coverage on October 09, placing it at $6.
The average rating for the ONTX equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking Onconova Therapeutics, Inc. polled by Reuters, 0 rated ONTX as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Onconova Therapeutics, Inc. (NASDAQ:ONTX) will increase by about 226.92%, which will see them reach $170 million. The company’s full-year revenues are, however, expected to increase by about 41.74%, up from $2.18 million to $3.09 million. ONTX’s expected adjusted earnings should drop almost -95% to end up at -$0.03 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -91.95% to record -$0.12/share.