Oncobiologics (NASDAQ:OTLK) Stock Price Up 4.6% – Time to Buy?

Oncobiologics, Inc. (NASDAQ:OTLK) was up 4.6% on Thursday . The company traded as high as $2.10 and last traded at $2.06. Approximately 2,347,298 shares were traded during trading, a decline of 56% from the average daily volume of 5,303,301 shares. The stock had previously closed at $1.97.

Analyst Upgrades and Downgrades

OTLK has been the topic of several recent analyst reports. Zacks Research lowered shares of Oncobiologics from a “strong-buy” rating to a “hold” rating in a report 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. Weiss Ratings restated a “sell (d-)” rating on shares of Oncobiologics in a research report on Tuesday. Guggenheim downgraded Oncobiologics from a “buy” rating to a “neutral” rating in a report on Thursday, August 28th. Finally, HC Wainwright reissued a “neutral” rating on shares of Oncobiologics in a research note on Tuesday, September 30th. One investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $6.50.

Oncobiologics Trading Up 4.6%

The business has a 50-day moving average of $1.42 and a 200 day moving average of $1.63. The firm has a market capitalization of $91.51 million, a P/E ratio of -3.61 and a beta of 0.17.

Hedge Funds Weigh In On Oncobiologics

A number of large investors have recently modified their holdings of OTLK. Goldman Sachs Group Inc. grew 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 purchasing an additional 44,063 shares during the period. AQR Capital Management LLC raised its holdings 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. Finally, Russell Investments Group Ltd. lifted its stake 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 valued at $39,000 after buying an additional 21,941 shares in the last quarter. 11.20% of the stock is currently owned by institutional investors.

About Oncobiologics

Outlook Therapeutics, Inc, operates as a clinical-stage biopharmaceutical company, focuses on developing and commercializing monoclonal antibodies for various ophthalmic indications. Its lead product candidate is ONS-5010, an ophthalmic formulation of bevacizumab product candidate that is in Phase-III clinical trial for the treatment of wet age-related macular degeneration and other retina diseases.