Onconetix (ONCO) Stock Surges Over 23% Overnight: Why Is It Moving?

Onconetix Inc. (NASDAQ:ONCO) shares soared 23.65% to $0.38 in after-hours trading on Monday.

The Ohio-based biotechnology company reversed a steep 18.26% regular session decline, closing the stock at $0.31, according to Benzinga Pro data.

Clinical Validation

On May 13, Onconetix reported first-quarter 2026 operational progress from its fully-owned Swiss subsidiary, Proteomedix AG, developer of Proclarix, a CE-IVD certified blood test designed to identify clinically significant prostate cancer in combination with prostate-specific antigen (PSA) testing.

Prostate cancer is the most commonly diagnosed cancer in men in most countries around the world and places a significant burden on patients and healthcare systems.

A National Institutes of Health 2019 report found that in 2018, over 1 million new cases of prostate cancer were reported globally, accounting for 7.1% of all cancers diagnosed in men.

According to the company, two new peer-reviewed publications from a Denmark-based clinical study reinforced Proclarix’s ability to reduce unnecessary biopsies and overdiagnosis, outperforming both %fPSA and the european randomized study of screening for prostate cancer risk calculator.

Onconetix also initiated the PRIME Study, a multi-center U.S. validation trial conducted in collaboration with Labcorp Holdings Inc. The study targets up to 500 participants across diverse ethnic groups and represents a step toward launching a domestic lab-developed test.

Trading Metrics, Technical Analysis

Last week, Onconetix reported first quarter data, posting an earnings per share of negative $6.71 and revenue of $21,460.

The company has a market capitalization of $3.54 million, a 52-week high of $42.08 and a 52-week low of $0.31.

The small-cap stock of the commercial-stage company has dropped 99.11% over the past 12 months.

The Relative Strength Index (RSI) of ONCO stands at 26.54.

ONCO is currently positioned at its annual low.

Benzinga's Edge Stock Rankings indicate that ONCO has a negative price trend across all time frames.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.