Onconova Therapeutics, Inc. (ONTX)’s Stock Formed A Several Months Bearish Wedge Down

June 29, 2018 - By Julie Dion

Onconova Therapeutics, Inc. (NASDAQ:ONTX) Logo

The stock of Onconova Therapeutics, Inc. (ONTX) formed a down wedge with $0.37 target or 8.00 % below today’s $0.40 share price. The 8 months wedge indicates high risk for the $31.97M company. If the $0.37 price target is reached, the company will be worth $2.56 million less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 3.81% or $0.016 during the last trading session, reaching $0.4041. About 515,074 shares traded. Onconova Therapeutics, Inc. (NASDAQ:ONTX) has declined 81.06% since June 29, 2017 and is downtrending. It has underperformed by 93.63% the S&P500.

Analysts await Onconova Therapeutics, Inc. (NASDAQ:ONTX) to report earnings on August, 13. They expect $-0.08 earnings per share, up 72.41 % or $0.21 from last year’s $-0.29 per share. After $-0.34 actual earnings per share reported by Onconova Therapeutics, Inc. for the previous quarter, Wall Street now forecasts -76.47 % EPS growth.

Onconova Therapeutics, Inc. (NASDAQ:ONTX) Ratings Coverage

Among 2 analysts covering Onconova Therapeutics (NASDAQ:ONTX), 2 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Onconova Therapeutics had 9 analyst reports since January 4, 2018 according to SRatingsIntel. H.C. Wainwright maintained Onconova Therapeutics, Inc. (NASDAQ:ONTX) rating on Monday, March 26. H.C. Wainwright has “Buy” rating and $7.5000 target. The rating was maintained by H.C. Wainwright on Thursday, January 18 with “Buy”. The company was maintained on Friday, March 9 by H.C. Wainwright. The firm has “Buy” rating given on Thursday, March 1 by H.C. Wainwright. The rating was upgraded by Maxim Group on Wednesday, May 2 to “Buy”. H.C. Wainwright maintained the stock with “Buy” rating in Thursday, January 4 report. The rating was downgraded by Maxim Group on Wednesday, January 31 to “Hold”. The firm earned “Buy” rating on Tuesday, May 15 by H.C. Wainwright. Maxim Group downgraded the stock to “Hold” rating in Wednesday, January 17 report.

More news for Onconova Therapeutics, Inc. (NASDAQ:ONTX) were recently published by: Globenewswire.com, which released: “Onconova Therapeutics Announces Promotion for Steven M. Fruchtman, MD” on June 21, 2018. Globenewswire.com‘s article titled: “Onconova Therapeutics Announces Presentation at the 23rd Congress of the European Hematology Association” and published on June 07, 2018 is yet another important article.

Onconova Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule drug candidates to treat cancer. The company has market cap of $31.97 million. The companyÂ’s clinical-stage product candidates include Rigosertib IV, which is in Phase III clinical trials for patients with higher risk myelodysplastic syndromes ; Rigosertib oral in combination with azacitidine that is in Phase II clinical trials for patients with MDS and acute myelogenous leukemia; and Rigosertib oral, which is in Phase II clinical trials for patients with lower risk MDS. It currently has negative earnings. The Company’s clinical-stage product candidates also comprise Briciclib, which is in Phase I multisite dose-escalation trial for patients with advanced solid tumors; and Recilisib that has completed four Phase I clinical trials for patients with acute radiation syndromes.

Onconova Therapeutics, Inc. (NASDAQ:ONTX) Ratings Chart

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