Ghiath Sukhtian Buys 8,539,709 Shares of Oncobiologics (NASDAQ:OTLK) Stock

Oncobiologics, Inc. (NASDAQ:OTLK) Director Ghiath Sukhtian bought 8,539,709 shares of the stock in a transaction on Thursday, May 28th. The stock was purchased at an average cost of $0.59 per share, with a total value of $5,038,428.31. Following the completion of the purchase, the director directly owned 22,092,068 shares in the company, valued at $13,034,320.12. This trade represents a 63.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Oncobiologics Stock Up 15.5%

Shares of NASDAQ OTLK traded up $0.11 during trading on Monday, hitting $0.84. 43,910,876 shares of the company traded hands, compared to its average volume of 32,706,124. Oncobiologics, Inc. has a 1 year low of $0.16 and a 1 year high of $3.39. The company has a 50-day moving average price of $0.30 and a 200-day moving average price of $0.77. The firm has a market capitalization of $101.88 million, a P/E ratio of -0.72 and a beta of 0.94.

Oncobiologics (NASDAQ:OTLK) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). The firm had revenue of $0.13 million for the quarter, compared to the consensus estimate of $4.39 million. Research analysts predict that Oncobiologics, Inc. will post -0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OTLK shares. Wall Street Zen upgraded Oncobiologics to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of Oncobiologics in a research note on Friday, March 27th. HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. Ascendiant Capital Markets dropped their price target on Oncobiologics from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Finally, Chardan Capital 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, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $4.50.

Hedge Funds Weigh In On Oncobiologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in 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 last quarter. AQR Capital Management LLC boosted its position in 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 last quarter. Finally, Russell Investments Group Ltd. boosted its position in 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 last quarter. 11.20% of the stock is owned by hedge funds and other institutional investors.

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.