Oncobiologics (NASDAQ:OTLK) Posts Quarterly Earnings Results

Oncobiologics (NASDAQ:OTLK) released its earnings results on Friday. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.01, Zacks reports. The firm had revenue of $4.65 million during the quarter, compared to analysts’ expectations of $5.85 million.

Oncobiologics Price Performance

Shares of Oncobiologics stock opened at $2.01 on Friday. The firm has a market cap of $89.28 million, a price-to-earnings ratio of -3.53 and a beta of 0.17. The stock has a 50-day simple moving average of $1.64 and a 200-day simple moving average of $1.67. Oncobiologics has a 52-week low of $0.79 and a 52-week high of $3.39.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Zacks Research downgraded shares of Oncobiologics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Chardan Capital reissued a “neutral” rating and issued a $3.00 price objective on shares of Oncobiologics in a research note on Thursday, August 28th. Wall Street Zen raised Oncobiologics from a “strong sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncobiologics in a report on Monday, December 8th. Finally, Guggenheim downgraded shares of Oncobiologics from a “buy” rating to a “neutral” rating in a research report on Thursday, August 28th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.50.

Institutional Trading of Oncobiologics

A number of institutional investors have recently added to or reduced their stakes in OTLK. Russell Investments Group Ltd. increased its stake in shares of Oncobiologics by 865.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company’s stock worth $39,000 after purchasing an additional 21,941 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Oncobiologics by 74.1% in the first quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock worth $126,000 after purchasing an additional 44,063 shares in the last quarter. Finally, AQR Capital Management LLC increased its position 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 buying an additional 25,351 shares during the last quarter. 11.20% of the stock is currently owned by institutional investors and hedge funds.

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.