Onconova Therapeutics, Inc. (NASDAQ:ONTX) Sees Large Decrease in Short Interest

Onconova Therapeutics, Inc. (NASDAQ:ONTX) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 20,700 shares, a drop of 58.8% from the February 29th total of 50,300 shares. Based on an average daily trading volume, of 75,900 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Investors Weigh In On Onconova Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Beacon Pointe Advisors LLC lifted its holdings in shares of Onconova Therapeutics by 116.4% during the second quarter. Beacon Pointe Advisors LLC now owns 28,417 shares of the biopharmaceutical company’s stock worth $34,000 after purchasing an additional 15,286 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Onconova Therapeutics by 62.1% during the second quarter. Renaissance Technologies LLC now owns 234,674 shares of the biopharmaceutical company’s stock worth $277,000 after buying an additional 89,880 shares in the last quarter. Vanguard Group Inc. raised its holdings in Onconova Therapeutics by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 622,958 shares of the biopharmaceutical company’s stock valued at $549,000 after acquiring an additional 110,965 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Onconova Therapeutics by 154.6% during the second quarter. Millennium Management LLC now owns 61,390 shares of the biopharmaceutical company’s stock worth $81,000 after purchasing an additional 37,275 shares during the last quarter. Institutional investors and hedge funds own 7.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on Onconova Therapeutics in a research note on Saturday, March 23rd. They issued a “sell” rating for the company.

Onconova Therapeutics Trading Up 4.1 %

ONTX traded up $0.04 on Thursday, hitting $1.01. 216,528 shares of the company were exchanged, compared to its average volume of 76,786. The company has a market cap of $21.21 million, a price-to-earnings ratio of -1.04 and a beta of 1.34. The firm has a 50-day moving average price of $0.78 and a two-hundred day moving average price of $0.73. Onconova Therapeutics has a twelve month low of $0.55 and a twelve month high of $1.45.

About Onconova Therapeutics

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing novel products to treat cancer in the United States. It has two clinical-stage programs, including narazaciclib, a multi-targeted kinase inhibitor that is in Phase I study for solid tumors, as well as hematological malignancies as a single agent or in combination with other anti-cancer therapies; and oral rigosertib alone or in combination with PD-1 inhibitor, which is in Phase I/IIa study for the treatment of progressive K-Ras mutated non-small cell lung cancer.