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Oncova Therapeutics Inc. (ONTX) plunged in the premarket; here’s why

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In the premarket, ONTX stock plunged by -3.42% ($0.77) at the time of writing. ONTX stock closed Thursday’s session at $0.80 gaining 21.63%. The stock volume traded is 17.96M shares and the average volume of the past 3 months is 43.60M.

ONTX stock’s operations and investigational candidates

Oncova Therapeutics Inc. is a biopharmaceutical company that specifically focuses on the design and development of novel treatments for the treatment of cancers. The company’s investigational candidate product is rigosertib which is currently being studied in the dose-escalation and Phase I expansion for focusing patients with KRAS+ lung adenocarcinoma along with the use of nivolumab. Risosertib is also being focused for the testing in COVID-19.

The company also has the candidate ON123300 which is a proprietary multi-kinase inhibitor and on 1st April 2021, announced starting ON123300’s dose-escalation and expansion phase I’s second cohort trial in China for HR+ HER2- metastatic breast cancer and refractory cancers. Three patients have been enrolled by ONTX’s corporate partner HanX Biopharmaceuticals for the second cohort.  It is planning to initiate the same trial in USA in the second quarter of 2021.

First patient has been dosed in the Phase 2 study of Rigosertib

The company announced on 22nd April 2021, that its investigator-initiated Phase 2 study of Rigosertib has started the first-dosage in first of its patients for targeting recessive dystrophic epidermolysis bullosa-associated squamous cell carcinoma.

The study involves 12 patients who will receive Rigosertib in either oral or intravenous form depending upon if the patient has esophageal stricture (recommend intravenous administration) or skin desquamation (recommend oral administration). The period of testing and dosing will be a four-week cycle leading up to 13 cycles. The dosage quantity was oral 1120 mg in a day, halved by morning and afternoon and for intravenous it was a 72-hour infusion with each infusion for 24 hour period consisting of 1800 mg of Rigosertib.

Full Year Financials review

ONTX stock released its Full Year 2020 financial results report on 12th March. While the fourth quarter of 2020 in the report did highlight positive news related to clinical and trial approvals, the financials of the full year did perform weakly. The financial results of full-year 2020 may have weakened in comparison to 2019’s result but it is important to keep in mind that many biotech penny stocks had plunged its financial performance in 2020 due to the pandemic, so the financial performance scale is relative for the year 2020 in these stocks.

Furthermore, the company generated Cash and Cash Equivalents of $19.0 million for the Full-year ending December 31, 2020, and expects its current Cash and Cash equivalents to be sufficient for funding trials and business operations for more than 18 months.

So what is the outlook for ONTX stock?

With penny stocks such as ONTX stock, no matter what fluctuations and volatility it reacts to, the fundamentals of the company are relatively a solid point of analysis to look at before investing in it. A factor to keep in mind while looking to buy ONTX stock is the importance of the stock movement trend far outweighs the outlook of ONTX.

Another fundamental thing to look at for the ONTX is its balance sheet. If the current status of the balance sheet is healthy then it determines that ONTX can carry out its all financial and non-financial obligations while adhering to the investor’s interest.

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