Oncobiologics (NASDAQ:OTLK) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Oncobiologics (NASDAQ:OTLK) announced its earnings results on Friday. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.01, Zacks reports.

Oncobiologics Trading Down 8.8%

NASDAQ:OTLK opened at $2.07 on Friday. The company has a 50-day moving average of $1.62 and a 200-day moving average of $1.66. The firm has a market cap of $91.95 million, a price-to-earnings ratio of -3.63 and a beta of 0.17. Oncobiologics has a twelve month low of $0.79 and a twelve month high of $3.39.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OTLK shares. HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a research note on Tuesday, September 30th. Ascendiant Capital Markets decreased their target price on shares of Oncobiologics from $21.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, September 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Oncobiologics in a research report on Monday, December 8th. Chardan Capital reaffirmed a “neutral” rating and issued a $3.00 price target on shares of Oncobiologics in a research note on Thursday, August 28th. Finally, Zacks Research cut shares of Oncobiologics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.50.

Institutional Trading of Oncobiologics

A number of large investors have recently added to or reduced their stakes in OTLK. Goldman Sachs Group Inc. lifted its position in shares of Oncobiologics by 74.1% during the 1st 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 during the last quarter. AQR Capital Management LLC grew its holdings in shares of Oncobiologics by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock worth $103,000 after acquiring an additional 25,351 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Oncobiologics by 865.2% during the second 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 period. 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.