Oncobiologics (NASDAQ:OTLK) Posts Earnings Results, Misses Estimates By $0.04 EPS

Oncobiologics (NASDAQ:OTLK) released its quarterly earnings data on Friday. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04), Zacks reports. The firm had revenue of $0.13 million during the quarter, compared to analysts’ expectations of $4.39 million.

Oncobiologics Trading Down 2.2%

Shares of NASDAQ:OTLK traded down $0.01 during mid-day trading on Friday, reaching $0.23. The stock had a trading volume of 2,550,914 shares, compared to its average volume of 5,062,335. The company has a market cap of $27.57 million, a P/E ratio of -0.19 and a beta of 0.32. Oncobiologics has a 1 year low of $0.16 and a 1 year high of $3.39. The business’s 50 day moving average price is $0.28 and its 200 day moving average price is $0.84.

Institutional Investors Weigh In On Oncobiologics

A number of hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its position in shares of Oncobiologics by 865.2% in the second quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company’s stock worth $39,000 after buying an additional 21,941 shares in the last quarter. AQR Capital Management LLC raised 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 valued at $103,000 after purchasing an additional 25,351 shares during the period. Finally, 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 purchasing an additional 44,063 shares during the period. 11.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTLK has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Oncobiologics in a research note on Friday, March 27th. Chardan Capital reiterated a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. HC Wainwright reiterated a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. Finally, 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. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Oncobiologics has a consensus rating of “Hold” and an average target price 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.