Oncobiologics (NASDAQ:OTLK) Price Target Lowered to $8.00 at Ascendiant Capital Markets

Oncobiologics (NASDAQ:OTLK) had its target price trimmed by Ascendiant Capital Markets from $21.00 to $8.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on the company. Guggenheim lowered Oncobiologics from a “buy” rating to a “neutral” rating in a research report on Thursday, August 28th. HC Wainwright reissued a “neutral” rating on shares of Oncobiologics in a research report on Friday, August 29th. Chardan Capital reissued a “neutral” rating and set a $3.00 price target on shares of Oncobiologics in a research report on Thursday, August 28th. Finally, Zacks Research lowered Oncobiologics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Oncobiologics has an average rating of “Hold” and an average target price of $7.00.

Oncobiologics Stock Up 0.5%

Shares of OTLK opened at $0.97 on Monday. The business’s 50 day moving average is $1.77 and its two-hundred day moving average is $1.65. Oncobiologics has a 52-week low of $0.79 and a 52-week high of $6.98. The firm has a market cap of $43.00 million, a price-to-earnings ratio of -1.70 and a beta of 0.49.

Oncobiologics (NASDAQ:OTLK) last announced its earnings results on Thursday, August 14th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.02). The business had revenue of $1.51 million during the quarter, compared to the consensus estimate of $1.66 million. On average, equities analysts expect that Oncobiologics will post -2.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Oncobiologics

Large investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its position in Oncobiologics by 133.9% in the fourth quarter. Jane Street Group LLC now owns 26,218 shares of the company’s stock worth $50,000 after buying an additional 15,008 shares during the period. Goldman Sachs Group Inc. increased its position in Oncobiologics by 74.1% in the first quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock worth $126,000 after buying an additional 44,063 shares during the period. AQR Capital Management LLC increased its position in Oncobiologics by 42.7% in 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 period. Finally, Russell Investments Group Ltd. increased its position in 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 during the period. 11.20% of the stock is owned by institutional investors and hedge funds.

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.