Shares of clinical-stage oncology company Oncternal Therapeutics (NASDAQ: ONCT) are soaring through the roof on Wednesday thanks to bullish commentary from a Wall Street analyst. The biotech stock was up by 10.5% as of 3:41 p.m. EDT after climbing by as much as 21.8% earlier in the day.
Oppenheimer analyst Hartaj Singh initiated coverage of Oncternal Therapeutics with an outperform (buy) rating and a price target of $14. Oncternal Therapeutics closed yesterday’s trading session worth $8.66 per share, and even after today’s rally, its shares are changing hands for just $9.55 apiece. In other words, Singh sees significant upside potential for Oncternal Therapeutics. What’s the reason behind the analyst’s confidence? Singh believes that Oncternal Therapeutics’ leading pipeline candidate, ROR1 inhibitor cirmtuzumab, is a promising product.