Fast-Moving Stock: Onconova Therapeutics Inc (NASDAQ: ONTX)

On Monday, Onconova Therapeutics Inc (NASDAQ: ONTX) oscillated between $0.78 and $0.95 before concluding trading period lower -10.31% at $0.85. The stock recorded total trading quantity of $0 shares as compared to it’s an average volume of 320110 shares. The firm has a total market worth of $ 5.236B and 275.54M shares remain outstanding.

Onconova Therapeutics, Inc. (ONTX) recently provided a corporate update and stated financial results for the second quarter ended June 30, 2019.

Steven M. Fruchtman, M.D., President and Chief Executive Officer, stated, “Enrollment in our global Phase 3 INSPIRE Trial with IV rigosertib in second-line, higher-risk MDS patients is progressing.  Our goal is to complete enrollment by the end of 2019 and we anticipate reporting top-line data in the first half of 2020 following full enrollment and 288 death events.  If the INSPIRE Trial is successful, we believe rigosertib could be the first new treatment for higher-risk MDS in over 15 years, and based on its exclusive mechanism of action, has the potential to provide clinical benefit in other Ras mutated cancers.”

Second Quarter 2019 Financial Results

Cash and cash equivalents as of June 30, 2019, totaled $5.9M contrast to $17.0M at December 31, 2018.  The Company believes that cash and cash equivalents at June 30, 2019, together with additional funds to be received from the HanX license in the third quarter, will be sufficient to fund ongoing trials and operations late into the fourth quarter of 2019.  The Company was notified by Nasdaq on July 26 that Nasdaq has accepted the Company’s plan to regain compliance with the stockholders’ equity listing requirement by November 18, 2019.

Net loss was $3.6M for the quarter ended June 30, 2019, contrast to $4.3M for the second quarter ended June 30, 2018. Research and development expenses were $3.9M for the quarter ended June 30, 2019, and $4.1M for the comparable period in 2018.  General and administrative expenses were $1.8M for the quarter ended June 30, 2019, and $2.1M for the comparable period in 2018.

The stock price switched 2.0849% 50-Days Simple Moving Average 3.0548% from 200-Days Simple Moving Average. The short ratio in the company’s stock is documented at 13.38 and the short float is around of 5.03M

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