Oncobiologics (NASDAQ:OTLK) Announces Quarterly Earnings Results

Oncobiologics (NASDAQ:OTLK) posted its earnings results on Friday. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.04), Zacks reports. The business had revenue of $0.13 million during the quarter, compared to the consensus estimate of $4.39 million.

Oncobiologics Price Performance

Shares of Oncobiologics stock traded down $0.01 on Friday, hitting $0.23. 2,550,914 shares of the company’s stock traded hands, compared to its average volume of 5,062,335. The firm’s 50-day moving average price is $0.28 and its two-hundred day moving average price is $0.84. The stock has a market capitalization of $27.57 million, a PE ratio of -0.19 and a beta of 0.32. Oncobiologics has a one year low of $0.16 and a one year high of $3.39.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OTLK shares. Ascendiant Capital Markets decreased their target price on Oncobiologics from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Oncobiologics in a research report on Friday, March 27th. Chardan Capital reissued a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. Finally, HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.50.

Hedge Funds Weigh In On Oncobiologics

Several institutional investors and hedge funds have recently made changes to their positions in OTLK. AQR Capital Management LLC grew its holdings in shares of Oncobiologics by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock valued at $103,000 after buying an additional 25,351 shares during the period. Goldman Sachs Group Inc. grew its holdings 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 valued at $126,000 after buying an additional 44,063 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of Oncobiologics by 865.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company’s stock valued at $39,000 after buying an additional 21,941 shares during the period. Institutional investors and hedge funds own 11.20% of the company’s stock.

About Oncobiologics

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.