Oncolytics Biotech Inc (ONCY)

Oncolytics Biotech Stock (ONCY) dropped by 15.9% from $1.57 to $1.32 in the trading on Thursday November 09, 2023. The reasons why ONCY stock down today include:

• Update on Pancreatic Cancer Program for Pelareorep: The company's collaborator, PanCAN, has decided to reevaluate the Precision PromiseSM program and will not add new investigational therapies to the platform until the re-evaluation is complete. Oncolytics will now conduct an adaptive Phase 3 program of pelareorep in combination with gemcitabine, nab-paclitaxel, and atezolizumab, aiming to enroll the first patient in mid-2024.
• Lower EPS Estimate: Equities research analysts at Cantor Fitzgerald lowered their FY2023 EPS estimates for Oncolytics Biotech. Cantor Fitzgerald analyst L. Chen now expects that the company will post earnings per share of ($0.52) for the year, down from their previous forecast of ($0.43).

Oncolytics Biotech Stock (ONCY) dropped by 10.3% from $2.81 to $2.52 in the trading on Monday July 31, 2023. The reasons why ONCY stock down today is due to Deal for Discounted Offering.

• Oncolytics announced that it has entered into an agreement with Leede Jones Gable Inc. on a bought-deal basis, 6,667,000 units for gross proceeds to the Company of US$15,000,750 at a price of US$2.25 per Equity Unit.
• The Company intends to use the net proceeds from the Offering to continue its pelareorep clinical programs in metastatic breast cancer and pancreatic cancer and general corporate and working capital purposes.

Oncolytics Biotech Stock (ONCY) dropped by 19.0% from $2.16 to $1.75 in the trading on Friday May 26, 2023. The reasons why ONCY stock down today is due to disappointing breast cancer treatment. Oncolytics' Phase 2 trial for pelareorep, a breast cancer immunotherapy drug, yielded disappointing results. Safety concerns arose as a third of participants discontinued treatment due to either pelareorep or avelumab. Despite these setbacks, Oncolytics plans to proceed with Phase 3 trials.