Oncolytics Biotech (NASDAQ:ONCY) Shares Up 3% – Should You Buy?

Shares of Oncolytics Biotech Inc. (NASDAQ:ONCY) rose 3% during trading on Thursday . The company traded as high as $0.98 and last traded at $0.96. Approximately 1,127,834 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 1,697,793 shares. The stock had previously closed at $0.9318.

Analyst Ratings Changes

Several brokerages have recently weighed in on ONCY. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Oncolytics Biotech in a report on Tuesday, May 26th. Wall Street Zen lowered Oncolytics Biotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised Oncolytics Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $8.50.

Oncolytics Biotech Trading Up 3.0%

The stock’s fifty day moving average price is $0.92 and its 200-day moving average price is $0.96. The firm has a market cap of $114.58 million, a price-to-earnings ratio of -3.10 and a beta of 1.07.

Oncolytics Biotech (NASDAQ:ONCY) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Analysts predict that Oncolytics Biotech Inc. will post -0.25 earnings per share for the current year.

Institutional Investors Weigh In On Oncolytics Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new position in shares of Oncolytics Biotech in the 1st quarter valued at $608,000. Citadel Advisors LLC acquired a new stake in shares of Oncolytics Biotech during the 3rd quarter worth about $535,000. Connective Capital Management LLC acquired a new stake in shares of Oncolytics Biotech during the 4th quarter worth about $131,000. XTX Topco Ltd acquired a new stake in shares of Oncolytics Biotech during the 4th quarter worth about $69,000. Finally, Virtu Financial LLC purchased a new stake in Oncolytics Biotech in the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 6.82% of the company’s stock.

Oncolytics Biotech Company Profile

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.