Oncolytics Biotech, Inc. (USA) (NASDAQ:ONCY) announced that it has received a letter from the NASDAQ OMX Group (“Nasdaq”) determining that the Company is eligible for an additional 180-calendar day period, until October 26, 2015, to regain compliance with the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2).

Per the notice of deficiency received on October 29, 2014, Oncolytics had a period of 180-calendar days, or untilApril 27, 2015, to regain compliance with the minimum bid price requirement. Following a review, Nasdaq determined that the Company was eligible to receive an additional 180-day period on the basis that Oncolytics still met the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and had provided written notice of its intention to cure the minimum bid price deficiency during the second 180-day compliance period by effecting a reverse stock split, if necessary.

The Company’s shares continue to trade on the Toronto Stock Exchange (“TSX”) under the symbol “ONC” and are in full compliance with TSX listing requirements. The Company’s listing on the TSX is completely independent of, and will not be affected by, the status of its Nasdaq listing.

If compliance cannot be demonstrated by October 26, 2015, Nasdaq staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Nasdaq staff’s determination to aHearings Panel. (Original Source)

Shares of Oncolytics Biotech closed today at $0.7097, up $0.0077 or 1.1%. ONCY has a 1-year high of $1.69 and a 1-year low of $0.40. The stock’s 50-day moving average is $0.76 and its 200-day moving average is $0.65.

On the ratings front, Oncolytics has been the subject of a number of recent research reports. In a report issued on March 18, Needham analyst Chad Messer reiterated a Buy rating on ONCY, with a price target of $1.50, which represents a potential upside of 112.4% from where the stock is currently trading. Separately, on March 17, Canaccord Genuity’s Neil Maruoka reiterated a Buy rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chad Messer and Neil Maruoka have a total average return of -0.5% and 17.1% respectively. Messer has a success rate of 34.8% and is ranked #2841 out of 3581 analysts, while Maruoka has a success rate of 85.0% and is ranked #701.

Oncolytics Biotech Inc is a development stage biopharmaceutical company. It is engaged in the discovery and development of pharmaceutical products for the treatment of cancer.