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 closed on Friday at $3.39, close to its 52-week low of $1.69.

McCarthy noted:

“Onconova held a conference in NYC on 2/7 with two Silverman, MD (Associate Veluswamy, MD MSCR (Assistant Health System). The focus was on rigosertib, the potential in both myelodysplastic syndromes (MDS) and lung cancer. In addition, there was discussion and insight into the MOA and more pipeline programs (discussed below & Pg 2+).”

According to TipRanks.com, McCarthy is ranked 0 out of 5 stars with an average return of -5.1% and a 32.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Aridis Pharmaceuticals Inc, and Adial Pharmaceuticals Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Onconova Therapeutics with a $20.50 average price target, a 504.7% upside from current levels. In a report issued on February 8, 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 $6.21 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.