(24/7 Market News) Onconova Therapeutics, Inc (NASDAQ: ONTX) appears to be waving higher today, trading at $1.40, a gain of $0.26 (+22.82%), but only on a little less than 500 thousand shares traded.
It’s tried to challenge today’s high, but has come up a little short. If it can pierce through its $1.47 high for the day, it doesn’t look like there’s much resistance between this level and possibly into the $2 range, however, as of May 15, 2022 there were only 88,700 shares short, which is less than the average daily volume, so the volume may not reach critical mass.
Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, and last week announced that it published an abstract at the American Society of Clinical Oncology (ASCO) Annual Meeting, which featured preclinical data from in vitro and cell-based assays that demonstrate how narazaciclib’s inhibitory profile differentiates it from the FDA-approved CDK4/6 inhibitors palbociclib, ribociclib, and abemaciclib.
Abstract highlights included: Narazaciclib, abemaciclib, palbociclib, and ribociclib each have strong affinity for CDK4/cyclin D1, with K; Narazaciclib and abemaciclib have similar affinities against CDK family members, including nM activity against CDK2/cyclin A, which may play a role in resistance to palbociclib and ribociclib; and Narazaciclib’s inhibitory activity against GSK3B, a kinase whose inhibition putatively causes tolerability issues related to diarrhea, is ~29 times less than that of abemaciclib.
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