Maxim Positive on Onconova Therapeutics (ONTX) Following Q2 Report; Notes Accelerating INSPIRE Enrollment
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Maxim affirms Onconova Therapeutics (NASDAQ: ONTX) at Buy with a price target of $6 following Q2 results and update issued Monday.
Analyst Jason McCarthy noted the following key points today:
- Onconova reported 2Q16 with revenues of $2.2M and a net loss of $5.4M. The company ended the period with $12.8M in cash. Combined with net proceeds of $15.8M from a July financing, Onconova has $27.6M in cash on the balance sheet, sufficient capital to fund the remainder of the phase III pivotal study of Rigosertib in high-risk MDS (Myelodysplastic Syndromes, "INSPIRE", data expected 2018).
- INSPIRE (N=225) enrollment continues to accelerate as nearly two-thirds of the expected 135 sites are now on-line. Enrollment is expected to complete in 2017 and an interim look at the data (88 events) is expected in 2H17.
- Conclusion. We see Onconova as funded across multiple inflection (data) points over the next year. The stock is trading at a "distressed" valuation, stemming from a disconnect between prior study failures and the current intelligent trial design. As such we believe Onconova remains a good value play for investors.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
- JPMorgan Downgrades Endo International plc (ENDP) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!