Research analysts at Piper Jaffray Cos. began coverage on shares of Onconova Therapeutics (NASDAQ:ONTX) in a report released on Monday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $38.00 price target on the stock. Piper Jaffray Cos.’s price objective would indicate a potential upside of 47.92% from the stock’s previous close.
The analysts wrote, “We are initiating coverage on Onconova with an Overweight rating and a 12-month price target of $38 per share. We believe lead drug rigosertib offers a differentiated profile from the highly valued PI3K class of inhibitors (idelalisib and IPI-145) and similar drugs (ibrutinib), while targeting an alternative development strategy of MDS and pancreatic cancer versus leukemia/lymphoma, which should allow a fast route to market with limited competition. We believe the strong OS data from the Phase II in refractory higher risk MDS point to positive Phase III data in 1Q14, with launch by 2015. We estimate peak US sales of $500mn (WW $1bn) in this Orphan indication as refractory MDS patients have limited options and median survival measured in weeks. Upside expected from rigosertib (oral) moving to frontline low risk MDS (Phase II data at ASH Dec 7-10, 2013), and from positive Phase II/III frontline metastatic pancreatic cancer data (1Q14).”
Shares of Onconova Therapeutics (NASDAQ:ONTX) traded down 4.13% on Monday, hitting $24.63. The stock had a trading volume of 61,453 shares. Onconova Therapeutics has a 52 week low of $19.42 and a 52 week high of $30.00. The stock’s 50-day moving average is $25.33 and its 200-day moving average is $25.33. The company’s market cap is $507.7 million.
A number of other analysts have also recently weighed in on ONTX. Analysts at Janney Montgomery Scott initiated coverage on shares of Onconova Therapeutics in a research note to investors on Monday. They set a “buy” rating and a $40.00 price target on the stock. Analysts at Citigroup Inc. initiated coverage on shares of Onconova Therapeutics in a research note to investors on Monday. They set a “neutral” rating on the stock.
Onconova Therapeutics, Inc (NASDAQ:ONTX) is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule drug candidates to treat cancer.