Maxim Group Issues Pessimistic Forecast for Oncolytics Biotech (NASDAQ:ONCY) Stock Price

Oncolytics Biotech (NASDAQ:ONCY) had its price target cut by equities research analysts at Maxim Group from $5.00 to $3.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s target price would indicate a potential upside of 363.68% from the company’s previous close.

A number of other brokerages also recently commented on ONCY. Royal Bank of Canada lowered their price target on shares of Oncolytics Biotech from $6.00 to $5.00 and set an “outperform” rating for the company in a report on Monday. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Oncolytics Biotech in a research report on Monday. Raymond James upgraded Oncolytics Biotech to a “moderate buy” rating in a report on Thursday, November 14th. Finally, Leede Financial cut Oncolytics Biotech from a “strong-buy” rating to a “moderate buy” rating in a report on Wednesday, November 13th. Three analysts have rated the stock with a buy rating, According to MarketBeat, Oncolytics Biotech presently has an average rating of “Buy” and a consensus target price of $4.00.

Oncolytics Biotech Price Performance

Oncolytics Biotech stock traded down $0.04 during mid-day trading on Monday, hitting $0.65. 214,081 shares of the company were exchanged, compared to its average volume of 1,375,181. Oncolytics Biotech has a 12-month low of $0.60 and a 12-month high of $1.53. The business’s 50 day simple moving average is $0.78 and its two-hundred day simple moving average is $0.93. The company has a market capitalization of $55.32 million, a P/E ratio of -2.39 and a beta of 1.18.

Hedge Funds Weigh In On Oncolytics Biotech

Several institutional investors and hedge funds have recently bought and sold shares of ONCY. Vantage Point Financial LLC acquired a new position in shares of Oncolytics Biotech in the 4th quarter valued at $27,000. National Bank of Canada FI raised its position in shares of Oncolytics Biotech by 199.6% in the 4th quarter. National Bank of Canada FI now owns 64,479 shares of the company’s stock worth $60,000 after buying an additional 42,955 shares during the period. Geode Capital Management LLC boosted its holdings in Oncolytics Biotech by 59.6% in the fourth quarter. Geode Capital Management LLC now owns 66,939 shares of the company’s stock valued at $61,000 after acquiring an additional 24,997 shares during the last quarter. Virtu Financial LLC purchased a new stake in Oncolytics Biotech during the fourth quarter valued at about $90,000. Finally, International Assets Investment Management LLC increased its stake in Oncolytics Biotech by 15.0% during the fourth quarter. International Assets Investment Management LLC now owns 200,400 shares of the company’s stock worth $186,000 after acquiring an additional 26,069 shares during the last quarter. Institutional investors and hedge funds own 6.82% of the company’s stock.

About Oncolytics Biotech

Oncolytics Biotech Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancer. The company is developing pelareorep, an intravenously delivered immunotherapeutic agent, which is in phase 3 clinical trial for the treatment of hormone receptor-positive / human epidermal growth factor 2-negative metastatic breast cancer and advanced/metastatic pancreatic ductal adenocarcinoma.