Onconetix, Inc. (NASDAQ:ONCO) Short Interest Down 89.2% in May

Onconetix, Inc. (NASDAQ:ONCO) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totaling 56,369 shares, a decrease of 89.2% from the April 30th total of 522,813 shares. Based on an average trading volume of 909,336 shares, the short-interest ratio is presently 0.1 days. Approximately 5.0% of the shares of the company are short sold.

Insider Activity

In related news, major shareholder Financial Lp Hrt sold 4,971 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $6.90, for a total value of $34,299.90. Following the transaction, the insider owned 3,364 shares in the company, valued at approximately $23,211.60. This represents a 59.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have purchased 20,153 shares of company stock worth $152,867 and have sold 19,803 shares worth $144,463. 0.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC purchased a new position in Onconetix, Inc. (NASDAQ:ONCO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 1.00% of Onconetix as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 23.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ONCO shares. Wall Street Zen cut Onconetix from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings upgraded shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Onconetix Stock Up 2.6%

ONCO traded up $0.03 during trading on Friday, reaching $1.20. 664,208 shares of the company were exchanged, compared to its average volume of 724,603. The company’s 50-day moving average is $10.84 and its two-hundred day moving average is $56.52. Onconetix has a 12-month low of $0.91 and a 12-month high of $382.50. The company has a market cap of $1.37 million, a price-to-earnings ratio of 0.11 and a beta of 3.01.

Onconetix (NASDAQ:ONCO) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($67.10) earnings per share (EPS) for the quarter. Onconetix had a negative return on equity of 101.08% and a negative net margin of 1,316.28%.The firm had revenue of $0.02 million during the quarter.

About Onconetix

Onconetix, Inc, a biotechnology company, focuses on the research, development, and commercialization of solutions for men's health and oncology. It offers Entadfi, an FDA-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia; and Proclarix, an in vitro protein-based blood diagnostic test for prostate cancer. The company was formerly known as Blue Water Biotech, Inc and changed its name to Onconetix, Inc in December 2023. Onconetix, Inc was incorporated in 2018 and is headquartered in Cincinnati, Ohio.