Oncolytics Biotech (NASDAQ:ONCY) Shares Down 5.2% – Here’s Why

Oncolytics Biotech Inc. (NASDAQ:ONCY) fell 5.2% on Wednesday . The company traded as low as $0.6602 and last traded at $0.6765. Approximately 1,889,240 shares changed hands during mid-day trading, an increase of 97% from the average daily volume of 958,747 shares. The stock had previously closed at $0.7133.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ONCY. HC Wainwright lowered their target price on shares of Oncolytics Biotech to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Oncolytics Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Oncolytics Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Oncolytics Biotech Trading Down 5.2%

The company has a 50 day simple moving average of $0.81 and a 200 day simple moving average of $0.89. The stock has a market capitalization of $86.26 million, a PE ratio of -1.99 and a beta of 1.15.

Oncolytics Biotech (NASDAQ:ONCY) last released its earnings results on Wednesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). On average, equities research analysts predict that Oncolytics Biotech Inc. will post -0.29 EPS for the current year.

Hedge Funds Weigh In On Oncolytics Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new position in Oncolytics Biotech during the 1st quarter worth $608,000. Connective Capital Management LLC purchased a new position in Oncolytics Biotech during the second quarter worth about $176,000. Susquehanna International Group LLP lifted its position in Oncolytics Biotech by 224.6% in the second quarter. Susquehanna International Group LLP now owns 134,129 shares of the company’s stock valued at $127,000 after purchasing an additional 92,806 shares during the period. Vantage Point Financial LLC purchased a new stake in Oncolytics Biotech in the 2nd quarter valued at approximately $28,000. Finally, PFG Investments LLC raised its stake in shares of Oncolytics Biotech by 131.0% during the 1st quarter. PFG Investments LLC now owns 52,900 shares of the company’s stock worth $45,000 after buying an additional 30,000 shares in the last quarter. 6.82% of the stock is currently owned by hedge funds and other institutional investors.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc is a clinical-stage biotechnology company focused on developing immunotherapies for cancer. The company’s lead product candidate is pelareorep, an investigational form of reovirus designed to selectively target certain cancer cells and stimulate an immune response against tumors.

Oncolytics is evaluating pelareorep in combination with other cancer treatments, including immune checkpoint inhibitors and chemotherapy. Its research has focused primarily on breast cancer, pancreatic cancer and other solid tumors, with development programs conducted through collaborations and clinical studies in North America and other regions.

Founded in 1998 and headquartered in Calgary, Alberta, Oncolytics Biotech operates as a development-stage biotechnology company.