Maxim Group Keeps a Buy Rating on Onconova Therapeutics

By Ryan Adsit

Maxim Group analyst Jason McCarthy reiterated a Buy rating on Onconova Therapeutics (NASDAQ: ONTX) today and set a price target of $6. The company’s shares opened today at $2.07.

McCarthy commented:

“Onconova reported 1Q17 with a net loss of $8.3M which included operating expenses of $7M. The company ended the period with $15M in cash. Onconova completed an equity financing in April raising $5M, with an additional $0.8M expected May 17, 2017. We estimate Onconova currently has ~$17M in cash, or runway to the end of 2017.”

According to TipRanks.com, McCarthy is ranked 0 out of 5 stars with an average return of -11.5% and a 37.4% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as ImmunoCellular Therapeutics, Mateon Therapeutics Inc, and Stellar Biotechnologies.

Onconova Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $6.

The company has a one year high of $8.17 and a one year low of $0.42. Currently, Onconova Therapeutics has an average volume of 187.1K.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ONTX in relation to earlier this year. Last month, Premkumar Reddy, a Director at ONTX bought 119,048 shares for a total of $250,001.

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Onconova Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the identification and development of oncology therapeutics. It focuses on discovering and developing small molecule drug candidates to treat cancer. The company was founded by Ramesh Kumar and E. Premkumar Reddy on December 22, 1998 and is headquartered in Newtown, PA.