Short Interest in Oncternal Therapeutics, Inc. (NASDAQ:ONCT) Declines By 17.4%

Oncternal Therapeutics, Inc. (NASDAQ:ONCT) saw a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 13,800 shares, a decline of 17.4% from the March 31st total of 16,700 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average trading volume of 9,400 shares, the short-interest ratio is currently 1.5 days.

Insider Activity

In related news, Director Robert James Wills purchased 3,086 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were acquired at an average cost of $8.96 per share, with a total value of $27,650.56. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $89,600. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders purchased 10,714 shares of company stock valued at $92,736. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Oncternal Therapeutics

A hedge fund recently raised its stake in Oncternal Therapeutics stock. Richmond Brothers Inc. boosted its holdings in shares of Oncternal Therapeutics, Inc. (NASDAQ:ONCT) by 69.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 494,042 shares of the company’s stock after acquiring an additional 203,010 shares during the period. Oncternal Therapeutics accounts for about 0.3% of Richmond Brothers Inc.’s investment portfolio, making the stock its 22nd largest holding. Richmond Brothers Inc. owned about 0.84% of Oncternal Therapeutics worth $148,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 16.05% of the company’s stock.

Oncternal Therapeutics Stock Performance

Shares of NASDAQ ONCT traded up $0.19 during midday trading on Monday, hitting $8.48. 2,659 shares of the company traded hands, compared to its average volume of 11,681. Oncternal Therapeutics has a 12-month low of $5.57 and a 12-month high of $13.14. The stock has a 50-day moving average price of $8.84 and a 200 day moving average price of $8.26. The firm has a market cap of $22.81 million, a P/E ratio of -0.66 and a beta of 1.26.

Oncternal Therapeutics (NASDAQ:ONCT) last posted its earnings results on Thursday, March 7th. The company reported ($3.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.09) by ($0.02). Oncternal Therapeutics had a negative return on equity of 95.87% and a negative net margin of 5,029.17%. The firm had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.17 million. During the same quarter last year, the company posted ($4.00) EPS. As a group, equities analysts expect that Oncternal Therapeutics will post -10.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ONCT. HC Wainwright lowered their price objective on shares of Oncternal Therapeutics from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. StockNews.com started coverage on Oncternal Therapeutics in a research note on Thursday. They set a “hold” rating on the stock.

About Oncternal Therapeutics

Oncternal Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of oncology therapies for cancers with critical unmet medical needs. The company's clinical pipeline includes zilovertamab, a humanized monoclonal antibody that binds to receptor-tyrosine kinase-like Orphan Receptor 1 (ROR1); and ONCT-216, a small molecule inhibiting the biological activity of ETS-family transcription factor oncoproteins, which is in Phase 1/2 clinical trial.