Oncolytics Biotech (NASDAQ: ONCY) is emerging as the top penny stock, with many market bulls placing their hopes on this fast riser. In just three months, the stock has achieved an incredible 80% growth. These are due to some phenomenal milestone achievements coupled with a robust financial position.
The ONCY Growth Train
ONCY has been riding an impressive bullish growth train going back to mid-June 2022. In these three and a half months ONCY rose by an incredible 77%, during a period where the S&P 500 climbed by a mere 12%. This indicates that there is a substantial reason for confidence in the stock that goes beyond pure speculation. The recent growth in the stock’s daily trade volume further indicates that ONCY is still capable of pushing on its growth, and delivering substantial gains to its shareholders in the coming weeks, and potentially months. This view is further reinforced considering that the company has still not yet generated revenue in any form.
ONCY Milestone Achievements
The reason for the epic growth trajectory seen with ONCY comes about as a result of crucial updates regarding its leading breast cancer treatment candidate. The randomized study indicates strongly that ONCY’s candidate offers a wide range of therapeutic benefits. This both improves prognosis, whilst also substantially decreasing chances of reoccurrence. Similarly, on the pancreatic cancer front, the company achieved significant success in its phase 1 trial, allowing it to meet the critical efficacy standard to progress to subsequent development phases. The company’s balance sheet position enables it to power through these ambitious projects, with cash of over $33 million. This gives the company a chance to push forward right into the second half of 2023.
ONCY has come a long way since its fateful lows of mid-June. With its earnings results out, and milestone updates released, it is unlikely for the downfall to occur in the near-term future. To add, the company has the finances to smoothly sail through until at least the second half of 2023.