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 $0.42, close to its 52-week low of $0.33.
McCarthy commented:
“Oncanova announced that its partner Pint Pharma GmbH (private) will assist in expanding its clinical trials to several sites across South America, expanding the INSPIRE study of rigosertib to a fifth continent. We view this as a positive as enrollment continues. Data readout remains 2H19. INSPIRE, the P3 study if intravenous rigosertib target enrollment is N=360, with 288 events (patient deaths) required to complete the trial. of enrolled patients in the study having “very high risk” (VHR) myelodysplastic syndromes (MDS) and a life expectancy ~4 months (average), there is the potential to reach 288 events prior to completing enrollment.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 13.5% and a 43.7% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Onconova Therapeutics with a $3 average price target, a 610.7% upside from current levels. In a report issued on August 14, H.C. Wainwright also reiterated a Buy rating on the stock with a $3 price target.
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Based on Onconova Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.48 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.
