ONTX Stock: Why Biopharma Onconova Therapeutics Is Shooting Higher Today

Onconova Therapeutics (NASDAQ:ONTX) stock is on the rise Wednesday following the closing of its most recent public offering.

a model of a cancer attacking a double helix of DNA

Source: CI Photos / Shutterstock.com

The public offering from Onconova Therapeutics included 28.75 million shares of ONTX stock. That includes 3.75 million shares that were offered to underwriters of the public offering. According to the company, it raised a total of $28.75 million from its public offering. That’s due to the company selling shares of ONTX stock in the offering at $1 each.

Onconova Therapeutics public offering had Guggenheim Securities serving as the sole book-running manager. The co-managers for the offering were Maxim Group LLC and Noble Capital Markets, Inc.

News of the closed Onconova Therapeutics offering caught the interest of investors today. That resulted in heavy trading of ONTX stock. As of this writing, more than 245 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 39 million shares.

Onconova Therapeutics is a biopharmaceutical company with a focus on developing new treatments for cancer. Its work includes developing a proprietary chemistry platform that can target cell pathways used by cancer.

Onconova Therapeutics was founded in 1998 and joined the public market in 2013 with an initial public offering (IPO). It operates out of its headquarters in Pennsylvania.

ONTX stock was up 45% as of Wednesday morning and is up 252.1% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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