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Tag: ONTX Stock Price

  • Oncova Therapeutics Inc. (ONTX) plunged in the premarket; here’s why

    Oncova Therapeutics Inc. (ONTX) plunged in the premarket; here’s why

    In the premarket, ONTX stock plunged by -3.42% ($0.77) at the time of writing. ONTX stock closed Thursday’s session at $0.80 gaining 21.63%. The stock volume traded is 17.96M shares and the average volume of the past 3 months is 43.60M.

    ONTX stock’s operations and investigational candidates

    Oncova Therapeutics Inc. is a biopharmaceutical company that specifically focuses on the design and development of novel treatments for the treatment of cancers. The company’s investigational candidate product is rigosertib which is currently being studied in the dose-escalation and Phase I expansion for focusing patients with KRAS+ lung adenocarcinoma along with the use of nivolumab. Risosertib is also being focused for the testing in COVID-19.

    The company also has the candidate ON123300 which is a proprietary multi-kinase inhibitor and on 1st April 2021, announced starting ON123300’s dose-escalation and expansion phase I’s second cohort trial in China for HR+ HER2- metastatic breast cancer and refractory cancers. Three patients have been enrolled by ONTX’s corporate partner HanX Biopharmaceuticals for the second cohort.  It is planning to initiate the same trial in USA in the second quarter of 2021.

    First patient has been dosed in the Phase 2 study of Rigosertib

    The company announced on 22nd April 2021, that its investigator-initiated Phase 2 study of Rigosertib has started the first-dosage in first of its patients for targeting recessive dystrophic epidermolysis bullosa-associated squamous cell carcinoma.

    The study involves 12 patients who will receive Rigosertib in either oral or intravenous form depending upon if the patient has esophageal stricture (recommend intravenous administration) or skin desquamation (recommend oral administration). The period of testing and dosing will be a four-week cycle leading up to 13 cycles. The dosage quantity was oral 1120 mg in a day, halved by morning and afternoon and for intravenous it was a 72-hour infusion with each infusion for 24 hour period consisting of 1800 mg of Rigosertib.

    Full Year Financials review

    ONTX stock released its Full Year 2020 financial results report on 12th March. While the fourth quarter of 2020 in the report did highlight positive news related to clinical and trial approvals, the financials of the full year did perform weakly. The financial results of full-year 2020 may have weakened in comparison to 2019’s result but it is important to keep in mind that many biotech penny stocks had plunged its financial performance in 2020 due to the pandemic, so the financial performance scale is relative for the year 2020 in these stocks.

    Furthermore, the company generated Cash and Cash Equivalents of $19.0 million for the Full-year ending December 31, 2020, and expects its current Cash and Cash equivalents to be sufficient for funding trials and business operations for more than 18 months.

    So what is the outlook for ONTX stock?

    With penny stocks such as ONTX stock, no matter what fluctuations and volatility it reacts to, the fundamentals of the company are relatively a solid point of analysis to look at before investing in it. A factor to keep in mind while looking to buy ONTX stock is the importance of the stock movement trend far outweighs the outlook of ONTX.

    Another fundamental thing to look at for the ONTX is its balance sheet. If the current status of the balance sheet is healthy then it determines that ONTX can carry out its all financial and non-financial obligations while adhering to the investor’s interest.

  • What’s going on with Onconova Therapeutics Inc. (ONTX) stock?

    Onconova Therapeutics Inc. (ONTX) is going up in the pre-market on March 18, 2021, as of this writing. The stock went up 14.95% yesterday as well. Still, there is no latest development to support their gains. Let us have a look at the recent past developments.

    Recent ONTX news

    On Friday, March 12, 2021, ONTX announced its financial results for the twelve months ended December 31, 2020.

    Full-year Financial highlights

    • ONTX spent $16.9 million in Research and development expenses, compared to $15.5 million for 2019.
    • General and administrative expenses were $8.3 million for 2020, consistent with 2019.
    • Onconova Therapeutics Inc. suffered a net loss of $25.2 million, or $0.14 per share, compared with a loss of $21.5 million, or $1.49 per share for 2019
    • As of December 31, 2020 ONTX, had Cash and cash equivalents were $19.0 million, compared with $22.7 million in the prior year.

    Participation in Three Investment Conferences

    Onconova Therapeutics has participated virtually in three investors conference in March 2021. The company participated in

    • The H.C. Wainwright Global Life Sciences Virtual Conference with one-on-one meetings held onMarch 9-10, 2021
    • The Virtual 33rd Annual Roth Conference with one-on-one meetings held on March 15-17, 2021
    • The Maxim Group Emerging Growth Virtual Conference being held March 17-18, 2021 with one-on-one meetings scheduled after the event

    About the company

    Onconova Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing products for patients with cancer. The company was formed in 1998. Its headquarter is in Pennsylvania, the United States and it startedtrading on the NASDAQ stock exchange under the ticker symbol ONTX in July 2013. Onconova’s proprietary multi-kinase inhibitor ON 123300 is planned to begin a dose-escalation and expansion Phase 1 trial in the U.S. in the first half of 2021, and a dose-escalation and expansion Phase 1 trial is currently underway in China.

    Steven M. Fruchtman, M.D. is the president and CEO of the company. Dr. Fruchtman joined Onconova in January 2015 as Chief Medical Officer. He has extensive experience in large and small biopharmaceutical companies and has led successful clinical development programs while serving in senior positions at many Pharmaceutical companies. He is an author of more than 170 lectures, presentations, books, chapters, and abstracts and serves as an external reviewer for multiple medical journals. He received his medical degree from New York Medical College with the distinction of membership in the Alpha Omega Alpha honorary medical fraternity.

  • Onconova Therapeutics (ONTX): The Penny Stock Moving towards Per Share, What’s Happening?

    Onconova Therapeutics (ONTX): The Penny Stock Moving towards $2 Per Share, What’s Happening?

    ONTX shares have skyrocketed over 250% so far this year. What’s coming up next?

    Shares of Onconova Therapeutics (ONTX) have been on a skywalk. The biopharmaceutical has recorded a jump of over 250%+ in its stock since the start of 2021. There have been some bulls that are pushing the penny stock as it moves towards the $2 per share.

    Let’s see what’s all this bullish sentiment is about and what’s happening around?

    What’s Happening?

    The company recently raised $28.75 million through a stock offering, which has been the main reason behind the bullish sentiment, lately. The biotech sold 28.75 million shares at a per-share price of $1.

    The company expects to use the gross proceeds from the stock sale to strengthen its balance sheet and provide more cash for its cancer-treatment development programs. 

    Early this year, the company signed a definitive purchase agreement with accredited institutional investors to sell 19.55 million of its common stock in a registered direct offering. The company sold its shares at a purchase price of $0.445 per share. The overall proceeds from the offering are $8.7 million.

    The company is moving closer to its objective one by one. All this fundraising has been to keep the business running smoothly and support its cancer treatment development program. In that premise, the company obtained the FDA approval to begin Phase 1 study of its proprietary, differentiated, first-in-class multi-kinase inhibitor, ON 123300.

    The company will study the efficacy of ON 123300 under its Investigational New Drug application (IND). The trial will enroll patients with relapsed/refractory advanced cancer, also including patients with HR+ HER2- metastatic breast cancer.

    This is a great achievement for Onconova Therapeutics to set its first step on the right track to get things going. The CEO of the company, Steven M. Fruchtman said that they are advancing the process to secure Institutional Review Board approval and believe that they will enroll the first patient during the first half of 2021.

    Conclusion

    The 52-week high for Onconova Therapeutics (ONTX) has been $1.80 per share. As we write this, ONTX shares trade around $1.63, up by 8.63%. Considering the bullish sentiment, things have been good for ONTX since the FDA approval for ON 123300. But, the real value of just lies below $1. For now, it doesn’t seem to cross $2 but if the company gets a breakthrough in the initial phase of its cancer study, ONTX can rally past $2.