Short Interest in Oncobiologics, Inc. (NASDAQ:OTLK) Grows By 77.5%

Oncobiologics, Inc. (NASDAQ:OTLK) was the recipient of a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 16,133,268 shares, a growth of 77.5% from the May 14th total of 9,088,387 shares. Currently, 11.7% of the company’s stock are sold short. Based on an average trading volume of 65,462,641 shares, the days-to-cover ratio is presently 0.2 days.

Oncobiologics Stock Performance

NASDAQ:OTLK opened at $1.57 on Wednesday. The business’s fifty day moving average is $0.46 and its 200 day moving average is $0.71. The firm has a market cap of $220.29 million, a price-to-earnings ratio of -1.33 and a beta of 0.96. Oncobiologics has a 52-week low of $0.16 and a 52-week high of $3.39.

Oncobiologics (NASDAQ:OTLK) last posted its earnings results on Friday, May 15th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $0.13 million for the quarter, compared to analyst estimates of $4.39 million. Equities analysts predict that Oncobiologics will post -0.48 EPS for the current fiscal year.

Insider Activity

In other Oncobiologics news, Director Ghiath M. Sukhtian purchased 8,539,709 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average cost of $0.59 per share, with a total value of $5,038,428.31. Following the completion of the transaction, the director owned 22,092,068 shares of the company’s stock, valued at $13,034,320.12. The trade was a 63.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake 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 in the last quarter. AQR Capital Management LLC increased 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 buying an additional 25,351 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Oncobiologics by 865.2% in the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 11.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Chardan Capital reaffirmed a “neutral” rating on shares of Oncobiologics in a report on Wednesday, February 18th. Ascendiant Capital Markets raised their target price on Oncobiologics from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. HC Wainwright restated a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. BTIG Research reaffirmed a “neutral” rating on shares of Oncobiologics in a research report on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Oncobiologics in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.50.

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.