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SAN DIEGO and CALGARY, AB - Oncolytics Biotech Inc. (NASDAQ: NASDAQ:ONCY) (TSX: ONC), a biotechnology firm focused on immunotherapy for cancer, has received a notification from the Nasdaq regarding non-compliance with the stock exchange's minimum bid price rule. Despite this challenge, InvestingPro data shows the company has achieved an impressive 54.58% return over the past year, with a robust gross profit margin of 83.67%. The Nasdaq Listing Qualifications Department issued the notice on February 13, 2025, after the company's share price remained below $1.00 for 30 consecutive business days.
The Nasdaq's minimum bid price requirement mandates that listed companies maintain a share price above $1.00. Oncolytics Biotech now has 180 days, until August 12, 2025, to address the deficiency and achieve compliance. During this period, the company's stock will continue trading on the Nasdaq Capital Market under the ticker symbol "ONCY."
To regain compliance, the closing bid price of Oncolytics Biotech's ordinary shares must reach or exceed $1.00 per share for at least 10 consecutive business days before the August deadline. If the company fails to meet this requirement within the allotted timeframe, it may still qualify for an extension by fulfilling other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price.
The current situation does not impact the company's business operations or the trading of its shares. Oncolytics Biotech is known for developing pelareorep, an intravenously delivered immunotherapeutic agent, which has shown promise in early-phase clinical trials for metastatic breast cancer and pancreatic cancer. According to InvestingPro analysis, the company maintains a moderate debt level with a debt-to-equity ratio of 0.31, though it remains unprofitable over the last twelve months. The treatment is designed to induce immune responses against cancer and has been granted Fast Track designation by the FDA for these indications. Subscribers to InvestingPro can access 12 additional expert insights about Oncolytics Biotech's financial health and growth prospects.
This news is based on a press release statement and reflects only the facts presented therein. Investors and stakeholders are advised to monitor the company's progress towards regaining compliance with Nasdaq's listing requirements and consider the company's current Price to Book ratio of 7.26x when evaluating their investment decisions.
In other recent news, BeiGene (NASDAQ:ONC), Ltd. has received approval from the U.S. Food and Drug Administration (FDA) for TEVIMBRA® (tislelizumab-jsgr) to be used in combination with chemotherapy for the first-line treatment of certain advanced gastric cancers. This approval was supported by the results of the global Phase 3 RATIONALE-305 trial, which demonstrated a significant improvement in overall survival among patients treated with TEVIMBRA and chemotherapy. Additionally, BeiGene has announced a ticker change to 'ONC' from 'BGNE', effective January 2, 2025. This change is purely administrative and does not affect the company's operations, strategy, or share structure.
TD Cowen has reiterated its Buy rating on BeiGene, highlighting the strength of its oncology pipeline. Meanwhile, Morgan Stanley (NYSE:MS) resumed coverage of BeiGene with an Overweight rating and set a new price target of $300.00, indicating a positive outlook on BeiGene's stock. Bernstein also updated its financial model for BeiGene, leading to an increase in the price target for the biotechnology company's shares to $207.00, while maintaining its Market Perform rating on the stock. These recent developments highlight the ongoing progress and potential of BeiGene in the field of oncology.
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