Price Action to Note: Is Selling 52-Week Stock Like Onconova Therapeutics Inc a Winning Strategy?

Price Action to Note: Is Selling 52 Week Stock Like Onconova Therapeutics Inc a Winning Strategy?

The stock of Onconova Therapeutics Inc (NASDAQ:ONTX) hit a new 52-week low and has $2.31 target or 13.00% below today’s $2.65 share price. The 7 months bearish chart indicates high risk for the $16.49 million company. The 1-year low was reported on Oct, 17 by Barchart.com. If the $2.31 price target is reached, the company will be worth $2.14M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 32,414 shares traded hands. Onconova Therapeutics Inc (NASDAQ:ONTX) has declined 42.39% since March 14, 2016 and is downtrending. It has underperformed by 48.00% the S&P500.

Analysts await Onconova Therapeutics Inc (NASDAQ:ONTX) to report earnings on November, 9.

According to Zacks Investment Research, “Onconova Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on discovering and developing small molecule drug candidates to treat cancer. The Company’s products under different phases of development include Rigosertib intravenous (IV), Rigosertib Oral, Rigosertib IV, ON 013105 and Recilisib. Onconova Therapeutics, Inc. is headquartered in Newtown, Pennsylvania.”

More notable recent Onconova Therapeutics Inc (NASDAQ:ONTX) news were published by: Nasdaq.com which released: “Onconova Therapeutics, Inc. to Present Corporate Update at 2016 BIO Investor Forum” on October 13, 2016, also Fool.com with their article: “Why Onconova Therapeutics Inc. Shares Imploded” published on February 20, 2014, Globenewswire.com published: “Onconova Therapeutics, Inc. Announces Results of Annual Meeting, Effective …” on May 20, 2016. More interesting news about Onconova Therapeutics Inc (NASDAQ:ONTX) were released by: Globenewswire.com and their article: “Onconova Therapeutics, Inc. Announces Appointment of Jack E. Stover to Board …” published on May 23, 2016 as well as Fool.com‘s news article titled: “Why Onconova Therapeutics Inc. Shares Crashed” with publication date: December 18, 2013.

ONTX Company Profile

Onconova Therapeutics, Inc., incorporated on December 22, 1998, is a clinical-stage biopharmaceutical company. The Firm operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Firm has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells. It has over three clinical-stage product candidates and various preclinical programs that target kinases, cellular metabolism or cell division in preclinical development. The Company’s lead product candidate, rigosertib, is being tested in both intravenous (IV) and oral formulations as a single agent, and the oral formulation is also being tested in combination with azacitidine, in clinical trials for patients with myelodysplastic syndromes (MDS), and related cancers.

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