Oncobiologics, Inc. (NASDAQ:OTLK) Sees Large Decrease in Short Interest

Oncobiologics, Inc. (NASDAQ:OTLK) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 3,181,601 shares, a decline of 13.8% from the February 26th total of 3,692,559 shares. Based on an average daily volume of 1,043,357 shares, the days-to-cover ratio is presently 3.0 days. Approximately 3.9% of the company’s stock are short sold.

Oncobiologics Trading Up 2.0%

Shares of OTLK stock opened at $0.21 on Thursday. The firm’s 50 day moving average is $0.40 and its 200 day moving average is $1.03. The stock has a market capitalization of $17.77 million, a P/E ratio of -0.08 and a beta of -0.07. Oncobiologics has a 12 month low of $0.16 and a 12 month high of $3.39.

Oncobiologics (NASDAQ:OTLK) last released its quarterly earnings data on Tuesday, February 17th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). The company had revenue of ($1.21) million for the quarter, compared to analyst estimates of $3.14 million. On average, equities analysts predict that Oncobiologics will post -2.27 EPS for the current year.

Hedge Funds Weigh In On Oncobiologics

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in Oncobiologics by 865.2% during 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. grew its stake 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 grew 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 valued at $103,000 after acquiring an additional 25,351 shares in the last quarter. 11.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Ascendiant Capital Markets reduced their price objective on shares of Oncobiologics from $10.00 to $6.00 and set a “buy” rating for the company 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. Wall Street Zen downgraded Oncobiologics from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. HC Wainwright reaffirmed a “neutral” rating on shares of Oncobiologics in a report on Wednesday, February 18th. Finally, Chardan Capital reaffirmed a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.50.

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.