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Maxim Group Thinks Onconova Therapeutics’ Stock is Going to Recover


In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Onconova Therapeutics (ONTX), with a price target of $16. The company’s shares opened today at $4.46, close to its 52-week low of $3.27.

McCarthy wrote:

“Onconova presented data from its ongoing P2 combination study of oral rigosertib + Vidaza (azacitidine) as first-line therapy in higher-risk Myelodysplastic Syndrome (MDS) patients over the weekend at this year’s American Society of Hematology (ASH) meeting being held in San Diego.”

According to TipRanks.com, McCarthy is a 2-star analyst with an average return of 0.3% and a 37.7% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.

Onconova Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $20.50, representing a 359.6% upside. In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $25 price target.

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Based on Onconova Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.35 million. In comparison, last year the company had a GAAP net loss of $6.96 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.