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

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

Oncobiologics Trading Down 2.2%

NASDAQ:OTLK traded down $0.01 during midday trading on Friday, reaching $0.23. The company had a trading volume of 2,550,914 shares, compared to its average volume of 5,062,335. The firm has a market capitalization of $27.57 million, a price-to-earnings ratio of -0.19 and a beta of 0.32. The stock’s fifty day simple moving average is $0.28 and its 200-day simple moving average is $0.84. Oncobiologics has a 12-month low of $0.16 and a 12-month high of $3.39.

Analyst Upgrades and Downgrades

OTLK has been the subject of several research analyst reports. Ascendiant Capital Markets lowered their price target on Oncobiologics from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Oncobiologics in a research report on Friday, March 27th. Finally, Chardan Capital restated a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Oncobiologics currently has an average rating of “Hold” and an average target price of $4.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its holdings in 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 purchasing an additional 21,941 shares during the period. AQR Capital Management LLC boosted its holdings 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 purchasing an additional 25,351 shares during the period. Finally, 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 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.

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.