HomeFinancial MarketsWhy did Oncternal Therapeutics Inc (ONCT) stock sore on Tuesday?

Why did Oncternal Therapeutics Inc (ONCT) stock sore on Tuesday?

Oncternal Therapeutics Inc. (ONCT) shares surged 7.41% in after-hours and closed the daily trading at $4.35. in the regular trading session, ONCT’s stock gained 1.00%. ONCT shares have risen 126.26% over the last 12 months, and they have moved down 4.03% in the past week. Over the past three months, the stock has lost 7.95%, while over the past six months, it has declined 56.87%.

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Preclinical data of ONCT-534

On October 05, 2021, Oncternal Therapeutics, Inc. (ONCT) announced pre-clinical data from ONCT-534, an androgen receptor N-terminal-domain-binding small molecule degrader. The company is going to present the data in a virtual poster presentation at the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics on October 7-10, 2021.


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Several pre-clinical studies were conducted by Oncternal studies in collaboration with the Center for Cancer Research at the University of Tennessee Health Science Center.

ONCT inducement awards

On October 01, 2021, Oncternal Therapeutics, Inc (ONCT) granted inducement awards to Emily Samec, who joined the Company as Vice President, Operations and Project Management, and 3 new non-executive employees.

The award to Ms Samec consists of an option to purchase 165,000 shares of Oncternal common stock, and the awards to the three non-executive employees consist of options to purchase a total of 199,900 shares of Oncternal common stock.

ONCT partnership with Celularity

On September 20, 2021, Oncternal Therapeutics, Inc and Celularity Inc (CELU) entered into a research collaboration to evaluate placental derived-cellular therapies targeting receptor-tyrosine kinase-like Orphan Receptor 1 (ROR1). Celularity will explore the use of Oncternal’s ROR1-targeted monoclonal antibody, cirmtuzumab, in combination with Celularity’s natural killer cells.

Participation in the recent investor conferences

Oncternal Therapeutics, Inc recently participated virtually at Cantor Global Healthcare Conference which was held on Wednesday, September 29, 2021.

Earlier ONCT participated virtually at the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit which was held on Wednesday, September 22, 2021.

The company also took part in H.C. Wainwright 23rd Annual Global Investment Conference which was held on Monday, September 13, 2021.

ONCT new appointment

On September 01, 2021, Oncternal Therapeutics, Inc. (ONCT), appointed Steven Hamburger, Ph.D. as Senior Vice President of Regulatory Affairs and Quality Assurance.

ONCT recent financial results announcement

On August 05, 2021, Oncternal Therapeutics, Inc. announced its financial results for the second quarter of 2021.

Q2 2021 financial highlights

  • ONCT reported total revenue of $0.9 million in Q2 2021 compared to $0.62 million in Q2 2020.
  • Total operating expenses were $8.6 million in Q2 2021 compared to $6.2 million in Q2 2020.
  • It suffered a net loss of $7.7 million, or a loss of $0.16 per share, basic and diluted in Q2 2021 compared to a net loss of $5.5 million or a loss of $0.34 per share, basic and diluted in Q2 2020.
  • The company ended the quarter with $103.7 million in cash and cash equivalents.

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Conclusion

The recent announcement about the Preclinical data of ONCT-534 was the reason behind its gains on Tuesday and it can further surge in the coming trading sessions.

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