Onconetix, Inc. (NASDAQ:ONCO) Short Interest Down 89.2% in May

Onconetix, Inc. (NASDAQ:ONCO) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 56,369 shares, a drop of 89.2% from the April 30th total of 522,813 shares. Based on an average trading volume of 909,336 shares, the short-interest ratio is currently 0.1 days. Approximately 5.0% of the shares of the stock are short sold.

Onconetix Price Performance

NASDAQ ONCO traded up $0.03 during trading hours on Friday, hitting $1.20. 664,208 shares of the company’s stock traded hands, compared to its average volume of 1,330,242. Onconetix has a 52-week low of $0.91 and a 52-week high of $382.50. The company has a market capitalization of $1.37 million, a PE ratio of 0.11 and a beta of 3.01. The firm’s 50-day moving average is $10.34 and its 200-day moving average is $55.56.

Onconetix (NASDAQ:ONCO) last released its earnings results on Wednesday, May 13th. The company reported ($67.10) earnings per share for the quarter. The business had revenue of $0.02 million during the quarter. Onconetix had a negative return on equity of 101.08% and a negative net margin of 1,316.28%.

Insider Activity at Onconetix

In other Onconetix news, major shareholder Financial Lp Hrt sold 4,971 shares of the stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $6.90, for a total transaction of $34,299.90. Following the transaction, the insider directly owned 3,364 shares of the company’s stock, valued at $23,211.60. This trade represents a 59.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders bought 20,153 shares of company stock worth $152,867 and sold 19,803 shares worth $144,463. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC purchased a new stake in shares of Onconetix, Inc. (NASDAQ:ONCO) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned about 1.00% of Onconetix at the end of the most recent quarter. Institutional investors and hedge funds own 23.89% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 8th. Wall Street Zen downgraded Onconetix from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

About Onconetix

Onconetix, Inc, a biotechnology company, focuses on the research, development, and commercialization of solutions for men's health and oncology. It offers Entadfi, an FDA-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia; and Proclarix, an in vitro protein-based blood diagnostic test for prostate cancer. The company was formerly known as Blue Water Biotech, Inc and changed its name to Onconetix, Inc in December 2023. Onconetix, Inc was incorporated in 2018 and is headquartered in Cincinnati, Ohio.