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

Onconetix, Inc. (NASDAQ:ONCO) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 61,615 shares, a growth of 230.7% from the June 15th total of 18,630 shares. Based on an average daily volume of 1,078,344 shares, the days-to-cover ratio is currently 0.1 days. Approximately 5.4% of the shares of the company are sold short.

Onconetix Price Performance

Onconetix stock opened at $0.85 on Wednesday. The stock’s 50 day moving average price is $1.64 and its 200 day moving average price is $29.02. Onconetix has a 1-year low of $0.80 and a 1-year high of $270.00. The company has a market cap of $967,518.00, a PE ratio of 0.07 and a beta of 2.69.

Analysts Set New Price Targets

ONCO has been the topic of a number of analyst reports. Weiss Ratings lowered shares of Onconetix from a “sell (e+)” rating to a “sell (e)” rating in a research report on Monday, June 29th. Wall Street Zen lowered shares of Onconetix from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Onconetix presently has a consensus rating of “Sell”.

Insider Buying and Selling at Onconetix

In other news, major shareholder Financial Lp Hrt sold 9,446 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $7.50, for a total value of $70,845.00. Following the transaction, the insider owned 8,335 shares of the company’s stock, valued at approximately $62,512.50. The trade was a 53.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 19,803 shares of company stock valued at $144,463. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC acquired a new stake in Onconetix, Inc. (NASDAQ:ONCO) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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 SEC filing. Hedge funds and other institutional investors own 23.89% of the company’s stock.

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.