Onconova (NASDAQ:ONTX) Stocks Soar 75%. A Penny Stock To Buy?

2 min read | May 19, 2021 05:05 AM EDT | By Raza Naqvi

Onconova (NASDAQ:ONTX) Stocks Soar 75%. A Penny Stock To Buy? — Image source: Yuriy K, Shutterstock

Onconova Therapeutics Inc (NASDAQ:ONTX, ONTX:US)

In the past year, Onconova stock recorded a significant growth of 190 per cent, beating the S&P 500-Pharmaceuticals (Sub Industry) sector. Its six-month stock price growth sits at 314 per cent.

As of Tuesday’s close, at US$ 1.08, the stock was 44 per cent down from its 52-week high of US$ 1.93 (February 18, 2021). Investors looking to invest in this stock might use this discounted price as an entry point.

In Q1 FY21, the company recorded cash and cash equivalents of US$ 48 million. It also had net proceeds of US$ 35.2 million generated from two equity offerings.

Key Initiatives of Onconova Therapeutics Inc

While announcing its first quarter report for fiscal 2021, Onconova Therapeutics said that it is conducting Phase 1 trials of a solid tumour treatment in China. The company is studying the effects of ‘ON 123300’, a multi-kinase inhibitor that can reportedly reduce tumour growth.

Onconova Managing Director Steven M Fruchtman said that the third cohort of the Phase 1 study is expected to begin soon in China. He added that ON 123300 appears to be suiting the patients and no toxicities have been observed to date.

Meanwhile, the 'ON 123300 Phase 1' trial is open for enrolment in the US, and the biopharma company is actively looking for patients for the study.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.