Oncternal Therapeutics Jumps on Bullish Oppenheimer Initiation

Oncternal was initiated with an outperform rating and a $14 price target.
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Oncternal Therapeutics  (ONCT) - Get Report jumped nearly 15% Wednesday following a bullish Oppenheimer initiation Tuesday after the closing bell with the firm issuing a $14 price target. 

Shares of the microcap pharmaceutical rose 8.4% to $9.39 on Wednesday. Shares were trading at about nine times their normal volume.

Oppenheimer analyst Hartaj Singh initiated the company with an outperform rating after being impressed with its lead asset, cirmtuzumab, for the treatment of mantle cell lymphoma and chronic lymphocytic leukemia, Bloomberg reported. 

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Cirmtuzumab is a monoclonal antibody that binds to a protein receptor that blocks ROR1, inhibiting cancer cell proliferation, migration and survival. 

This is the second time in recent months Oncternal's stock has experienced a sudden jump. 

Positive data from a phase 1/2 clinical trial of cirmtuzumab, combined with a drug made by Abbvie  (ABBV) - Get Report and Johnson & Johnson  (JNJ) - Get Report, in patients with relapsed/refractory lymphoma and leukemia sent the stock soaring in November.

In March, the San Diego company said that it was accelerating development of ROR1-targeting CAR-T cell therapies while announcing a fourth quarter loss of 9 cents per share on revenue of $1.6 million.

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“In 2021, we are advancing a deep pipeline of differentiated oncology assets. We have now initiated early-stage work in ROR1-targeting immunotherapies, including CAR-T and CAR-NK cell therapies, while moving forward the later-stage clinical development of cirmtuzumab, an antibody targeting ROR1, in MCL, which has generated encouraging data in this difficult to treat cancer," said CEO James Breitmeyer in the company's earnings release in March.