Onconova Therapeutics (ONTX) Stock Price Up 9% After Insider Buying Activity
Onconova Therapeutics Inc (NASDAQ:ONTX) shares rose 9% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $1.10 and last traded at $1.09. Approximately 804,066 shares traded hands during mid-day trading, an increase of 69% from the average daily volume of 476,929 shares. The stock had previously closed at $1.00.
Specifically, major shareholder 683 Capital Management, Llc acquired 200,000 shares of Onconova Therapeutics stock in a transaction that occurred on Thursday, February 8th. The stock was purchased at an average price of $1.04 per share, with a total value of $208,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 29.10% of the stock is currently owned by company insiders.
ONTX has been the subject of a number of research reports. Maxim Group reissued a “buy” rating and set a $6.00 price objective on shares of Onconova Therapeutics in a research report on Thursday, November 2nd. HC Wainwright reissued a “buy” rating on shares of Onconova Therapeutics in a research report on Thursday, November 9th. Finally, Zacks Investment Research cut Onconova Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $7.33.
Several large investors have recently made changes to their positions in ONTX. Sabby Management LLC lifted its position in shares of Onconova Therapeutics by 104.0% in the second quarter. Sabby Management LLC now owns 784,000 shares of the biopharmaceutical company’s stock worth $1,693,000 after buying an additional 399,640 shares during the last quarter. 683 Capital Management LLC lifted its position in shares of Onconova Therapeutics by 21.0% in the third quarter. 683 Capital Management LLC now owns 375,000 shares of the biopharmaceutical company’s stock worth $641,000 after buying an additional 65,140 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Onconova Therapeutics by 58.4% in the second quarter. Vanguard Group Inc. now owns 87,940 shares of the biopharmaceutical company’s stock worth $190,000 after buying an additional 32,418 shares during the last quarter. 25.45% of the stock is owned by institutional investors.
Onconova Therapeutics Company Profile
Onconova Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells.
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