Ascendiant Capital Markets Issues Pessimistic Forecast for Oncobiologics (NASDAQ:OTLK) Stock Price

Oncobiologics (NASDAQ:OTLK) had its target price reduced by equities researchers at Ascendiant Capital Markets from $10.00 to $6.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

A number of other equities analysts also recently weighed in on OTLK. Chardan Capital reiterated a “neutral” rating on shares of Oncobiologics in a report on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Oncobiologics in a research report on Monday, December 29th. Wall Street Zen lowered shares of Oncobiologics from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. Finally, HC Wainwright reiterated 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.50.

Oncobiologics Stock Down 3.0%

Shares of Oncobiologics stock opened at $0.42 on Wednesday. Oncobiologics has a 12 month low of $0.38 and a 12 month high of $3.39. The stock has a market cap of $34.97 million, a PE ratio of -0.16 and a beta of -0.07. The business has a fifty day simple moving average of $0.47 and a 200-day simple moving average of $1.13.

Oncobiologics (NASDAQ:OTLK) last posted its quarterly earnings results on Tuesday, February 17th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The company had revenue of ($1.21) million during the quarter, compared to analysts’ expectations of $3.14 million. Analysts expect that Oncobiologics will post -2.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its holdings in 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 purchasing an additional 21,941 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Oncobiologics by 74.1% during 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 last quarter. Finally, AQR Capital Management LLC grew 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 valued at $103,000 after purchasing an additional 25,351 shares during the last quarter. 11.20% of the stock is owned by institutional investors.

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.