On Tuesday, the Oconova Therapeutics (NASDAQ:ONTX) stock had emerged as one of the major gainers as it soared by 74% but this morning the trend has reversed and the stock is down by 14% possibly due to a case of profit-taking.
Yesterday the Onconova stock soared after it emerged that Etzer Darout, an analyst at the firm Guggenheim started covering the stock and gave it a buy rating. In addition to that, he set the target price at $4, which reflected an upside of a staggering 545% from Monday’s closing price.
The company’s product ON 123300 is currently one of its important products. It is a multi kinase inhibitor and is meant for treating Cyclin dependent kinase (CDK) 4 and 6. Darout state that Onconova has managed to differentiate CDK and is currently targeting a category that is worth in billions. The analyst also stated that ON 123300 is the main value driver for Onconova at this point.
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