Oncothyreon Inc (USA) (NASDAQ:ONTY) reported financial results for the third quarter ended September 30, 2015.
Net loss for the three months ended September 30, 2015 was $4.6 million, or $0.05 per basic and diluted share, compared with a net loss of $6.7 million, or $0.09 per basic and diluted share, for the comparable period in 2014. The $2.1 million decrease in net loss was attributable to the difference in the change in the fair value of warrant liability of $1.3 million. The decrease in net loss was also due to decreases in research and development expenses of $0.5 million and decreases in general and administrative expenses of $0.3 million.
Net loss for the nine months ended September 30, 2015 was $23.5 million, or $0.24 per basic and diluted share, compared with a net loss of $22.4 million, or $0.31 per basic and diluted share, for the comparable period in 2014. The $1.1 million increase in net loss was attributable to the difference in the change in the fair value of warrant liability of $0.4 million and increases in research and development expenses of $0.7 million.
Oncothyreon’s cash, cash equivalents and investments totaled $63.7 million as of both September 30, 2015 and December 31, 2014.
Oncothyreon believes the following financial guidance to be correct as of the date provided. Oncothyreon is providing this guidance as a convenience to investors and assumes no obligation to update it.
Oncothyreon currently expects operating expenses in 2015 to be lower than in 2014, which included the upfront payment to Array BioPharma Inc. for the exclusive license to ONT-380. Oncothyreon currently expects cash used in operations in 2015 to be approximately $30.0 – $32.0 million. (Original Source)
Shares of Oncothyreon closed today at $3.20, down $0.04 or 1.23%. ONTY has a 1-year high of $4.69 and a 1-year low of $1.41. The stock’s 50-day moving average is $2.94 and its 200-day moving average is $3.11.
On the ratings front, Cantor Fitzgerald analyst Mara Goldstein maintained a Hold rating on ONTY, with a price target of $4, in a report issued on August 7. The current price target implies an upside of 24.2% from current levels. According to TipRanks.com, Goldstein has a total average return of 1.1%, a 49.0% success rate, and is ranked #1821 out of 3824 analysts.
Oncothyreon Inc is a clinical-stage biopharmaceutical company. It develops and commercialize synthetic vaccines & small molecules that treat the lives & outcomes of cancer patients.