Oncobiologics (NASDAQ:OTLK) Announces Earnings Results, Beats Expectations By $0.01 EPS

Oncobiologics (NASDAQ:OTLK) released its quarterly earnings data on Friday. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.01, Zacks reports. The business had revenue of $4.65 million during the quarter, compared to analyst estimates of $5.85 million.

Oncobiologics Trading Down 2.9%

Shares of NASDAQ OTLK opened at $2.01 on Friday. The company has a market capitalization of $89.28 million, a price-to-earnings ratio of -3.53 and a beta of 0.17. Oncobiologics has a twelve month low of $0.79 and a twelve month high of $3.39. The business has a 50 day simple moving average of $1.64 and a 200-day simple moving average of $1.67.

Institutional Trading of Oncobiologics

A number of institutional investors and hedge funds have recently modified their holdings of OTLK. Goldman Sachs Group Inc. lifted its position in shares of Oncobiologics by 74.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock worth $126,000 after buying an additional 44,063 shares during the last quarter. AQR Capital Management LLC raised its stake in Oncobiologics by 42.7% during the first quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock worth $103,000 after acquiring an additional 25,351 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Oncobiologics by 865.2% in the second quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company’s stock worth $39,000 after acquiring an additional 21,941 shares during the last quarter. 11.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Wall Street Zen upgraded Oncobiologics from a “strong sell” rating to a “hold” rating in a research note on Saturday. HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a report on Tuesday, September 30th. Ascendiant Capital Markets reduced their target price on Oncobiologics from $21.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, September 22nd. Chardan Capital reissued a “neutral” rating and set a $3.00 price target on shares of Oncobiologics in a research report on Thursday, August 28th. Finally, Zacks Research lowered shares of Oncobiologics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Oncobiologics has a consensus rating of “Hold” and an average price target of $6.50.

Oncobiologics Company Profile

Oncobiologics, Inc is a clinical-stage biopharmaceutical company specializing in the development of biosimilar therapeutics for cancer and autoimmune diseases. Leveraging recombinant DNA technology and advanced formulation platforms, the company aims to create high-quality, cost-effective alternatives to originator biologic drugs. Oncobiologics’ research focus includes monoclonal antibodies and growth factors that support oncology treatment and immunomodulation.

Founded in 2005 and headquartered in Marlborough, Massachusetts, Oncobiologics maintains research facilities in the Greater Boston area and an integrated manufacturing site in Hyderabad, India, through its wholly owned subsidiary.