Oncobiologics (NASDAQ:OTLK) Releases Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Oncobiologics (NASDAQ:OTLK) issued its earnings results on Tuesday. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05), FiscalAI reports. The company had revenue of ($1.21) million during the quarter, compared to analyst estimates of $3.14 million.

Oncobiologics Stock Down 13.8%

Shares of NASDAQ:OTLK traded down $0.07 during trading on Tuesday, reaching $0.42. 2,255,451 shares of the company traded hands, compared to its average volume of 7,485,494. The firm has a fifty day simple moving average of $1.03 and a 200 day simple moving average of $1.34. Oncobiologics has a 1-year low of $0.38 and a 1-year high of $3.39. The firm has a market cap of $31.04 million, a P/E ratio of -0.28 and a beta of 0.11.

Wall Street Analyst Weigh In

OTLK has been the subject of a number of recent analyst reports. Wall Street Zen lowered Oncobiologics from a “hold” rating to a “sell” rating in a research report on Saturday, January 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Oncobiologics in a report on Monday, December 29th. Finally, Ascendiant Capital Markets boosted their price target on shares of Oncobiologics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Monday, December 22nd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.33.

Institutional Investors Weigh In On Oncobiologics

Several institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its stake 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 in the last quarter. Goldman Sachs Group Inc. raised its position in Oncobiologics by 74.1% during the first quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock valued at $126,000 after acquiring an additional 44,063 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Oncobiologics by 42.7% in the first quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock valued at $103,000 after acquiring an additional 25,351 shares during the last quarter. 11.20% of the stock is currently owned by institutional investors and hedge funds.

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.