In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Onconova Therapeutics (NASDAQ: ONTX), with a price target of $3. The company’s shares opened today at $0.43, close to its 52-week low of $0.33.
McCarthy observed:
“Onconova reported 2Q18 with a net loss of $4.3M and ended the period with $29.5M in cash, runway into 2H19.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 11.6% and a 42.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Onconova Therapeutics with a $3 average price target.
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Based on Onconova Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.09 million. In comparison, last year the company had a GAAP net loss of $2.58 million.
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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.
