Biopharmaceutical company Oncolytics Biotech (NASDAQ:ONCY) is popping bright on investors’ radars over the past few days. After soaring nearly 42% over the past five sessions, shares of the company are down nearly 6% at the time of writing amid continued heavy volumes.
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The stock is up nearly 168% over the past year with a trading volume of nearly 14.08 million at present. In contrast, it saw an average trading volume of only ~602,940 shares over the past three months.
Of note, the recent surge comes after Oncolytics’ Pelareorep was selected as a new investigational treatment in a Phase 3 study (Precision Promise) for the treatment of metastatic pancreatic ductal adenocarcinoma (PDAC).
The drug will be evaluated in combination with gemcitabine and nab-paclitaxel along with a checkpoint inhibitor. The trial design is anticipated to lower Phase 3 costs for the drug by about 50% (over traditional trials) and if successful, the study is expected to pave the way for approval of the drug combo as a first-line treatment in metastatic pancreatic cancer.
Overall, the Street has a $7.27 consensus price target on Oncolytics alongside a Strong Buy consensus rating.
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