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Oncolytics Biotech

ONCY · TORONTO

$0.5023+$0.0021 (+0.42%)TodayMarket closed ·
Prev close $0.5002

ONCY analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.
  • Strong buy0
  • Buy1
  • Hold0
  • Underperform0
  • Sell0

12-month price target · 5 analysts

Average $3.32 (+560.8% upside)

Low
$2.55
Now
$0.5023
High
$3.98

Upgrades and downgrades

The latest rating actions, newest first

ONCY analyst upgrades, downgrades and rating actions
FirmDateActionRating
HC Wainwright & Co.Aug 19, 2026MaintainsBuy
HC Wainwright & Co.May 26, 2026MaintainsBuy
HC Wainwright & Co.Nov 17, 2025MaintainsBuy

The case for and against

Updated Oct 23, 2026

Bull case

Oncolytics Biotech is attractive because its lead asset pelareorep has multiple FDA-aligned shots on goal, with REO 033 advancing toward pivotal development in 2L RAS-mutated MSS mCRC and a randomized SCAC trial that could support both accelerated and full approval within one study. The company’s data package is improving on both clinical and mechanistic fronts, including reported 33% ORR, 19.5-month duration of response, 16.6-month PFS and 27-month OS versus historical benchmarks, while translational work at ASCO 2026 and AACR 2026 reinforced the immune-priming rationale. Financially, June 30 cash and cash equivalents were $4.1 million, but recent ATM financing of about $6.8 million and a focused GI-cancer strategy improve near-term execution, especially if REO 033 enrollment and year-end 2026 updates confirm the thesis.

Bear case

Oncolytics Biotech is facing a weakened investment case because the CPI supply and funding partner has become the gating item for both SCAC and mPDAC, with the SCAC pivotal protocol still being finalized and initiation now partner-contingent rather than on the prior late-3Q26 path. The company also lost a near-term catalyst as GOBLET Cohort 4 final analysis is now open-ended despite complete enrollment, while management’s focus has shifted toward REO 033 in mCRC, underscoring capital constraints rather than a clean clinical setback. Financially, the outlook is pressured by modeled annual gross equity raises of $50M-$100M from 2026E-2028E, which could dilute shareholders, and by reduced probabilities of success and lower revenue expectations across pelareorep programs.

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