Onconetix, Inc. (NASDAQ:ONCO) Sees Significant Increase in Short Interest

Onconetix, Inc. (NASDAQ:ONCO) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 196,172 shares, a growth of 60.5% from the July 15th total of 122,244 shares. Currently, 17.3% of the company’s shares are sold short. Based on an average daily trading volume, of 360,996 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Trading of Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC bought a new stake in shares of Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 1.00% of Onconetix at the end of the most recent quarter. Hedge funds and other institutional investors own 23.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Onconetix from a “sell (e+)” rating to a “sell (e)” rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Onconetix from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Onconetix Price Performance

Shares of ONCO traded down $0.06 during mid-day trading on Monday, reaching $0.75. 143,344 shares of the company’s stock traded hands, compared to its average volume of 677,180. The stock has a market cap of $860,472.00, a P/E ratio of 0.00 and a beta of 2.69. The stock’s 50-day moving average is $0.93 and its two-hundred day moving average is $16.16. Onconetix has a 12 month low of $0.67 and a 12 month high of $209.50.

Onconetix (NASDAQ:ONCO) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($4,505.00) by $4,503.72. Onconetix had a negative return on equity of 91.95% and a negative net margin of 1,575.89%.The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.02 million.

Onconetix Company Profile

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.