Oncolytics Biotech (NASDAQ:ONCY) Shares Down 1.5% – Here’s Why

Oncolytics Biotech Inc. (NASDAQ:ONCY) was down 1.5% on Tuesday . The company traded as low as $0.9418 and last traded at $0.9540. Approximately 378,259 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 652,261 shares. The stock had previously closed at $0.9685.

Wall Street Analyst Weigh In

A number of analysts have commented on ONCY shares. Wall Street Zen lowered Oncolytics Biotech from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. HC Wainwright increased their price objective on Oncolytics Biotech from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Oncolytics Biotech in a report on Monday. Finally, Zacks Research upgraded shares of Oncolytics Biotech from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $6.25.

Oncolytics Biotech Price Performance

The company has a market cap of $95.74 million, a PE ratio of -3.41 and a beta of 0.88. The business has a 50-day moving average of $1.05 and a 200 day moving average of $1.05.

Oncolytics Biotech (NASDAQ:ONCY) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. On average, equities analysts predict that Oncolytics Biotech Inc. will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Oncolytics Biotech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Seeds Investor LLC lifted its position in Oncolytics Biotech by 17.8% during the second quarter. Seeds Investor LLC now owns 223,767 shares of the company’s stock valued at $173,000 after purchasing an additional 33,826 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Oncolytics Biotech in the third quarter worth about $535,000. Finally, Scientech Research LLC purchased a new position in shares of Oncolytics Biotech during the 3rd quarter valued at about $25,000. 6.82% of the stock is currently owned by hedge funds and other institutional investors.

About Oncolytics Biotech

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.