One of the best ways of identifying stocks is by watching the market closely and tracking the stocks which have delivered gains. One such stock could be that of Onconova Therapeutics Inc (NASDAQ:ONTX), which has rallied strongly over the course of the past week.
During that period, the Onconova stock has rallied by as much as 150% and perhaps it could be worthwhile for investors to take a closer look at the recent developments. Back on July 10, the company announced that the compensation committee at the company approved cash-settled SAR as well as cash settle PSU to its employees.
However, that is not the only development that needs to be taken into consideration when looking into the rally in the Onconova stock. Earlier on in July, the biopharmaceutical company published the results from the Phase 1 study of oral rigosertib in combination with standard dose azacitidine for treating patients suffering from myelodysplastic syndrome (HR-MDS) or acute myeloid leukemia (AML).
It is a significant milestone for the company and if the product manages to produce encouraging results in the next stages of the trials, then it could propel the company to new heights. The Phase 1 study was primarily looking to determine the safety of the combination and the dosage required in the Phase 2 trial.
While these are all important developments and perhaps had to contribute triggers to the latest rally, investors also need to consider a development from June. Back on June 23, the company announced that it started a Phase I/IIa study of oral rigosertib with Bristol-Myers Squibb’s BMY Opdivo (nivolumab) for the treatment of metastatic KRAS mutated (KRAS+) lung adenocarcinoma.
The company’s lead candidate Rigosertib is a phase III small molecule and the initiation of the study was another major milestone for the company as it tries to further fire up its pipeline of candidates. Investors could do well to keep an eye on these varied developments over the coming weeks.