Under $1 Onconova Therapeutics (ONTX) shares jumping on 800 million volume
Any oncological disease is still actual in the biotech field to be treated with complex therapeutics and drugs as well. Hence, there are many firms fighting those diseases and one of them is Onconova Therapeutics (NASDAQ: ONTX) that still burns more cash to treat patients with cancer.
On Monday ONTX rose to $0.5015, saying “bye” to $0.4658 while trading around 34.8 million shares. That jump could actually become a catalyst for today’s rise to $0.68. Usually, such kind of stock pops over 500% drastically within weeks.
Let’s look at June and July based on ONTX’s performance. Its shares slowly became more demanded at the end of May and in June the price tag for each share steadily rose. Then, a boom happened on July 21 while actively trading 93.6 million shares. So, June’s performance may come again in January. Hence, buying several thousand ONTX shares won’t make your wallet seriously thin.