Onconetix, Inc. (NASDAQ:ONCO) Short Interest Down 89.2% in May

Onconetix, Inc. (NASDAQ:ONCO) was the target of a significant drop in short interest during the month of May. As of May 15th, there was short interest totaling 56,369 shares, a drop of 89.2% from the April 30th total of 522,813 shares. Currently, 5.0% of the shares of the company are sold short. Based on an average daily trading volume, of 909,336 shares, the short-interest ratio is currently 0.1 days.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ONCO shares. Weiss Ratings raised shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, May 8th. Wall Street Zen cut shares of Onconetix from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Insider Activity

In other Onconetix news, major shareholder Financial Lp Hrt sold 9,446 shares of the firm’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $7.50, for a total value of $70,845.00. Following the completion of the transaction, the insider owned 8,335 shares of the company’s stock, valued at approximately $62,512.50. This trade represents a 53.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have acquired 20,153 shares of company stock valued at $152,867 and have sold 19,803 shares valued at $144,463. Corporate 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 bought a new stake in Onconetix, Inc. (NASDAQ:ONCO) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 1.00% of Onconetix as of its most recent SEC filing. 23.89% of the stock is owned by institutional investors and hedge funds.

Onconetix Stock Performance

Shares of Onconetix stock traded up $0.10 during trading on Thursday, hitting $1.27. 304,351 shares of the company’s stock were exchanged, compared to its average volume of 722,016. Onconetix has a 52-week low of $0.91 and a 52-week high of $382.50. The business has a 50-day simple moving average of $11.33 and a 200-day simple moving average of $57.45. The stock has a market capitalization of $1.45 million, a price-to-earnings ratio of 0.11 and a beta of 3.01.

Onconetix (NASDAQ:ONCO) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($67.10) earnings per share for the quarter. Onconetix had a negative net margin of 1,316.28% and a negative return on equity of 101.08%. The firm had revenue of $0.02 million during the quarter.

Onconetix Company Profile

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.