Onconetix (NASDAQ:ONCO) Issues Earnings Results

Onconetix (NASDAQ:ONCO) issued its quarterly earnings results on Wednesday. The company reported ($6.71) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $0.02 million during the quarter. Onconetix had a negative net margin of 1,717.50% and a positive return on equity of 8.24%.

Onconetix Trading Up 1.3%

Shares of NASDAQ:ONCO traded up $0.01 during mid-day trading on Thursday, hitting $0.39. 123,962 shares of the company traded hands, compared to its average volume of 5,171,201. The stock has a 50-day moving average price of $1.63 and a two-hundred day moving average price of $6.81. Onconetix has a 12-month low of $0.36 and a 12-month high of $53.55. The stock has a market cap of $257,152.00, a P/E ratio of 0.00 and a beta of 3.01.

Insider Buying and Selling

In other Onconetix news, major shareholder Financial Lp Hrt sold 49,710 shares of the firm’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $0.69, for a total transaction of $34,299.90. Following the transaction, the insider directly owned 33,649 shares in the company, valued at approximately $23,217.81. This trade represents a 59.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders acquired 201,540 shares of company stock valued at $152,875 and sold 198,039 shares valued at $144,469. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Onconetix stock. Pacific Capital Wealth Advisors Inc. acquired a new position in Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 13,000 shares of the company’s stock, valued at approximately $40,000. Pacific Capital Wealth Advisors Inc. owned approximately 0.84% of Onconetix as of its most recent filing with the Securities and Exchange Commission. 23.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ONCO. Wall Street Zen upgraded shares of Onconetix to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock 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.