Onconetix, Inc. (NASDAQ:ONCO) shares are up during Friday’s premarket session.
On Wednesday, the company disclosed a significant announcement regarding its acquisition of Realbotix.
Details
Onconetix has previously entered into a definitive agreement to acquire Realbotix for an undisclosed amount.
The company expects the acquisition to enhance Onconetix’s capabilities in the rapidly evolving field of AI-driven technologies and robotics.
The company recently showcased its humanoid robot in a live pre-standard 6G over-the-air trial at Ericsson’s U.S. headquarters.
The demonstration highlighted Realbotix’s AI-agnostic architecture, allowing its humanoid robots to integrate seamlessly with various AI systems and cloud platforms.
This flexibility positions Realbotix as a key player in the future of enterprise robotics. This will drive significant value for Onconetix as it moves forward with the acquisition.
Additionally, this week, Onconetix announced a 1-for-5 reverse stock split, effective March 25.
Technical Analysis
The stock is currently trading 76% above its 20-day simple moving average (SMA) and 4.7% above its 50-day SMA, indicating short-term strength.
However, it remains 36.3% below its 100-day SMA and 60.5% below its 200-day SMA, suggesting longer-term challenges.
Shares have decreased 92.97% over the past 12 months and are positioned closer to their 52-week lows than highs.
ONCO Price Action: Onconetix shares were up 71.74% at $5.53 during premarket trading on Friday. The stock is near its 52-week low of $2.19, according to Benzinga Pro data.
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