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Krypton Street Just Put (ONCY) On Tomorrow's Radar
See Why (ONCY) Will Be On Our Early Watchlist For
—Wednesday, February 4, 2026
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Take A Look At (ONCY) Before Tomorrow Morning…
February 3, 2026
On Deck Tomorrow | (ONCY) Just Hit Tomorrow's Biotech Radar—Here's Why
Dear Reader, After today's profile pushed up to $0.94—an approximate 54% move in under 24 hours from the $0.61 area yesterday—you'll want to see what we're tracking for tomorrow morning. The oncology sector is currently witnessing a paradigm shift as innovative immunotherapies aim to turn "cold" tumors "hot," potentially unlocking treatments for some of the world's most aggressive cancers. Oncolytics Biotech Inc. (Nasdaq: ONCY) has positioned itself at the center of this evolution, recently demonstrating clinical data that nearly tripled historical response rates in specific patient populations. And that's a big part of why (ONCY) will be topping our watchlist tomorrow morning—Wednesday, February 4, 2026. With a series of major milestones slated for the first half of 2026 and an approximate 49% recent move in under a month, (ONCY) is capturing the attention of top-tier institutional analysts. Even after that recent move, (ONCY) is still hovering in the low-$1 range, which is why many readers may have missed it until now. Over the past several weeks, research desks have started putting sharper numbers around what recent clinical progress and upcoming 1H 2026 milestones could mean for the company's path forward. Here's how that growing attention is showing up in published coverage and targets. Analyst Targets Suggest In Between 200% to 900% Upside Potential
As (ONCY) moves toward its pivotal year, the analyst community has become increasingly vocal, as reported by TipRanks. The consensus remains a "Bullish," with targets suggesting significant upside potential. - Patrick Trucchio of H.C. Wainwright set a $10 target, which suggests a 910% upside potential from recent levels.
- Chad Messer of Lake Street maintains a $7 target, implying a 607% upside potential.
- Douglas Loe of Leede Financial holds a $4 target, suggesting a 304% upside potential.
- Jason McCarthy of Maxim Group has a $3 target, suggesting 203% upside potential.
These targets are based on the clinical de-risking achieved through the GOBLET and BRACELET-1 trials and the high probability of the upcoming pancreatic cancer study serving as a primary catalyst for valuation re-rating. The Science of Awakening the Immune System
Oncolytics Biotech® Inc. (Nasdaq: ONCY) is a clinical-stage biopharmaceutical company focused on developing pelareorep, an intravenously delivered immunotherapeutic agent. Unlike traditional treatments, pelareorep is a non-pathogenic reovirus that selectively replicates in cancer cells while stimulating the body's own immune system to recognize and attack tumors. This dual-action mechanism is designed to work in synergy with existing treatments, such as chemotherapy and checkpoint inhibitors, making it a versatile platform technology across a variety of solid tumors. Operating within the high-stakes immunotherapy market, (ONCY) distinguishes itself by targeting indications with significant unmet needs, including pancreatic, metastatic breast, and gastrointestinal cancers. The company's strategic foundation is built on a robust intellectual property portfolio and a series of successful clinical collaborations with industry giants like Roche and Merck. Recent corporate updates also indicate a move to change their jurisdiction of incorporation to Nevada, a strategic shift intended to provide greater flexibility for future corporate maneuvers and long-term growth. The core technology, pelareorep, functions by inducing a cascade of inflammatory responses. It introduces double-stranded RNA directly into cancer cells, which leads to the upregulation of PD-L1 and the production of specific cytokines and chemokines. This process recruits and trains T-cells to identify and destroy the tumor, effectively remodeling the tumor microenvironment. Because the virus replicates only in cells with an activated Ras pathway—a mutation present in approximately two-thirds of all human cancers—it is designed to be well-tolerated while maintaining high specificity for malignant tissue. 
Dominating the Gastrointestinal Landscape
The gastrointestinal (GI) cancer market represents a massive area of underserved patient populations, particularly in KRAS-mutant cases which have historically been difficult to treat. In December 2025, (ONCY) announced promising efficacy data in second-line KRAS-mutant metastatic colorectal cancer, achieving a 33% Objective Response Rate (ORR). To put this in perspective, this is triple the historical response rates of 6-11% for standard-of-care treatments like Avastin + FOLFIRI. By enhancing KRAS-mutant-specific T-cell activity, pelareorep is proving it can provide the mechanistic support needed to transform outcomes in a market projected to exceed $19B within the next decade. The company has further bolstered its expertise by expanding its Gastrointestinal Tumor Scientific Advisory Board with world-renowned experts from Memorial Sloan Kettering and MD Anderson Cancer Center, signaling a serious commitment to advancing toward registration-enabling studies. Furthermore, the GOBLET trial has been a cornerstone of the company's clinical success. This Phase 1/2 multiple indication study evaluates pelareorep in combination with atezolizumab across several GI cancers. The data from Cohort 4, targeting third-line anal cancer, was particularly striking. The combination nearly tripled the ORR compared to historical benchmarks, with a median Duration of Response (DOR) of almost 17 months. For a patient population with no FDA-approved therapies, these results provide a clear path to a registration study. FDA-Driven 1H 2026 Launch
One of the most significant growth drivers for (ONCY) is its alignment with the FDA on a pivotal study design for pelareorep in first-line pancreatic cancer. This trial, expected to launch in the first half of 2026, will be the only current registration trial featuring an immunotherapy in this specific setting. The trial design allows for the inclusion of an experimental arm with a checkpoint inhibitor combination, providing multiple pathways to success. The company's breast cancer program is equally robust. The BRACELET-1 study in HR+/HER2- metastatic breast cancer has previously shown that adding pelareorep to standard treatment can nearly double overall survival rates. This data is supported by the AWARE-1 trial, which confirmed the mechanism of action by measuring T-cell infiltration and PD-L1 expression in tumor tissue. These studies collectively suggest that pelareorep acts as a foundational therapy that can be integrated into numerous treatment regimens to enhance efficacy. A Leadership Team Built for Late-Stage Execution
To navigate the transition from a clinical-stage entity to a commercial-ready organization, (ONCY) has made several high-profile executive appointments. John McAdory joined as EVP of Strategy and Operations, bringing experience from CG Oncology where he managed large, registration-directed clinical trials for oncolytic viruses. Yujun Wu was appointed to lead Biostatistics, having previously headed statistical strategy at Morphic Therapeutic through its acquisition by Eli Lilly. These additions are not just about filling seats; they represent a tactical strengthening of the company's regulatory and operational foundation. With experts who have successfully guided programs through Phase 3 and global regulatory approvals, (ONCY) is signaling that it is prepared for the rigorous demands of the registration-enabling trials scheduled for 2026. This leadership shift coincides with a Special Meeting of Shareholders where critical corporate governance changes were approved to support the company's expansion. Financial Health and Intellectual Property
From a financial perspective, Oncolytics Biotech® Inc. (Nasdaq: ONCY) maintains a disciplined balance sheet. As of early 2026, the company is debt-free, with short-term assets exceeding both short and long-term liabilities. This financial stability is bolstered by a recent capital raise and strategic cost management, providing a runway to reach key clinical readouts. The company's market capitalization of just over $100M (approx.) reflects a valuation that many analysts believe does not yet account for the potential of its late-stage assets. Protecting these assets is a priority for the management team. The company recently provided an update on its intellectual property, highlighting a Track 1 manufacturing patent application. If successful, this filing along with others could extend the patent protection for pelareorep beyond 2044. This long-term exclusivity is essential for maintaining the value of the platform as it moves toward the market. 7 Factors Putting (ONCY) At The Top Of Tomorrow's Watchlist
—Wednesday, February 4, 2026…
1. Recent Momentum: an approximate 49% move in under a month could push (ONCY) onto more screens if momentum increases around near-term developments.
2. Analyst Coverage: published research from multiple firms assigns targets ranging from $3 to $10—implying an estimated upside potential range of roughly 200% to 900% from recent levels—reflecting how (ONCY) is being modeled following recent trial updates and upcoming 2026 milestones. 3. Under the Radar: even after a recent move, (ONCY) is still hovering in the low-$1 range, which is why many readers may have missed it until now. 4. Clinical Signals: recently released data showed response rates that nearly tripled historical benchmarks, placing (ONCY) among a small group showing measurable progress in difficult-to-treat cancers. 5. Multiple Indications: data across pancreatic, metastatic breast, gastrointestinal, and anal cancer programs show how (ONCY) is advancing the same platform across several high-need settings. 6. Patent Positioning: recent Track 1 manufacturing filings could extend protection for pelareorep beyond 2044, reinforcing the long-term positioning of (ONCY)'s core technology. 7. FDA Alignment: formal agreement with regulators on a first-line pancreatic cancer study design could position (ONCY) for a pivotal trial launch in 1H 2026. Take A Look At (ONCY) Before Tomorrow Morning…
Taken together, the recent analyst coverage, expanding clinical data, and regulatory alignment help explain why (ONCY) has started to draw sharper focus across the research community. A platform showing activity across multiple hard-to-treat cancers, paired with a clearly defined path into pivotal studies and long-dated intellectual property, is not something that appears every day—especially at a time when the name is still hovering in the low-$1 range despite a strong recent move. With major milestones approaching in 1H 2026 and increasing attention from both analysts and research desks, (ONCY) is setting up as a name worth understanding sooner rather than later. We'll be watching (ONCY) closely tomorrow morning. Pull up (ONCY) before you shut down for the night. And keep an eye out for my morning update. Have a good night. Sincerely, Alex Ramsay
Co-Founder / Managing Editor Krypton Street Newsletter
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