Oncolytics Biotech (NASDAQ:ONCY) Shares Down 1.5% – Here’s Why

Oncolytics Biotech Inc. (NASDAQ:ONCY)’s share price was down 1.5% during mid-day trading on Tuesday . The company traded as low as $0.9418 and last traded at $0.9540. Approximately 378,259 shares traded hands during trading, a decline of 42% from the average daily volume of 652,261 shares. The stock had previously closed at $0.9685.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ONCY shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Oncolytics Biotech in a research report on Monday. Wall Street Zen lowered shares of Oncolytics Biotech from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. HC Wainwright lifted their price objective on Oncolytics Biotech from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Finally, Zacks Research upgraded Oncolytics Biotech from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Oncolytics Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $6.25.

Oncolytics Biotech Stock Down 1.5%

The company’s fifty day moving average price is $1.05 and its 200-day moving average price is $1.05. The stock has a market capitalization of $95.74 million, a PE ratio of -3.41 and a beta of 0.88.

Oncolytics Biotech (NASDAQ:ONCY) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. Equities research analysts anticipate that Oncolytics Biotech Inc. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On Oncolytics Biotech

Large investors have recently modified their holdings of the stock. Seeds Investor LLC grew its position in Oncolytics Biotech by 17.8% during the 2nd quarter. Seeds Investor LLC now owns 223,767 shares of the company’s stock valued at $173,000 after purchasing an additional 33,826 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Oncolytics Biotech in the third quarter worth approximately $535,000. Finally, Scientech Research LLC purchased a new stake in shares of Oncolytics Biotech during the third quarter valued at approximately $25,000. Hedge funds and other institutional investors own 6.82% of the company’s stock.

About Oncolytics Biotech

Oncolytics Biotech Inc (NASDAQ: ONCY) is a clinical-stage biotechnology company focused on the development of novel oncolytic viral therapies for the treatment of cancer. The company’s lead investigational agent, pelareorep (Reolysin), is a proprietary formulation of reovirus engineered to selectively infect and destroy tumor cells while stimulating a systemic antitumor immune response. Oncolytics leverages the natural biology of the virus to enhance the activity of standard‐of‐care treatments and immune checkpoint inhibitors.

Pelareorep has progressed into multiple advanced clinical trials, with combination studies conducted in metastatic breast cancer, non‐small cell lung cancer and head and neck cancers.