Onconetix, Inc. (NASDAQ:ONCO) Sees Significant Drop in Short Interest

Onconetix, Inc. (NASDAQ:ONCO) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 18,630 shares, a drop of 64.1% from the May 31st total of 51,883 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily volume of 372,124 shares, the short-interest ratio is currently 0.1 days.

Insider Activity at Onconetix

In other news, major shareholder Financial Lp Hrt sold 9,446 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $7.50, for a total transaction of $70,845.00. Following the transaction, the insider owned 8,335 shares of the company’s stock, valued at approximately $62,512.50. The trade was a 53.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders purchased 20,153 shares of company stock valued at $152,867 and sold 19,803 shares valued at $144,463. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Onconetix stock. Citadel Advisors LLC acquired a new stake in shares of Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned approximately 1.00% of Onconetix at the end of the most recent reporting period. 23.89% of the stock is currently owned by institutional investors and hedge funds.

Onconetix Stock Performance

Shares of ONCO stock opened at $0.98 on Friday. Onconetix has a 52-week low of $0.88 and a 52-week high of $270.00. The firm has a market capitalization of $1.11 million, a P/E ratio of 0.09 and a beta of 2.72. The stock has a 50 day moving average price of $3.12 and a 200 day moving average price of $37.97.

Analyst Upgrades and Downgrades

ONCO has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Wall Street Zen downgraded shares of Onconetix from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

About Onconetix

Onconetix, Inc, a biotechnology company, focuses on the research, development, and commercialization of solutions for men's health and oncology. It offers Entadfi, an FDA-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia; and Proclarix, an in vitro protein-based blood diagnostic test for prostate cancer. The company was formerly known as Blue Water Biotech, Inc and changed its name to Onconetix, Inc in December 2023. Onconetix, Inc was incorporated in 2018 and is headquartered in Cincinnati, Ohio.