Ridgeback Capital Continues To Come Out Of Hiding, Takes Position In OncoSec (ONCS)

On June 15, OncoSec Medical announced that the company will join the Russell Microcap Index when the Russell indexes’ annual reconstitution is finalized, which will unquestionably increase the visibility of the company and its public awareness. Punit Dhillon, the president and CEO of OncoSec, believes that the inclusion in the index will assist the company in extending its shareholder base and advancing its clinical studies. The shares of OncoSec are currently trading at $7 a share and might keep rising as the company has been successful in advancing its clinical studies and in developing new products. Even more to that, a proxy for short-selling activity compiled by Markit suggests that there is little short-selling activity on this stock, which might be a clear sign that the market is confident in the medium- and long-term performance of OncoSec.

Even though OncoSec hasn’t generated any revenues so far, we’ll still briefly go through its financial results. The company posted a net loss of $1.19 per share for the nine-month period that ended on April 30, compared to a figure of a $0.96 per share loss reported for the same period a year ago. At the same time, OncoSec reported research and development expenses of $9.3 million for the nine months, compared to $3.9 million reported last year. Therefore, it is obvious that the company’s activities and development have started to increase, as OncoSec advances its product candidates further down their pipelines.

Hal Mintz‘s Sabby Management recently opened a large position of its own in OncoSec, consisting of 1.09 million shares, giving it a 7.36% stake in the company.

Disclosure: None