Oncobiologics (NASDAQ:OTLK) Price Target Raised to $10.00 at Ascendiant Capital Markets

Oncobiologics (NASDAQ:OTLK) had its price objective hoisted by research analysts at Ascendiant Capital Markets from $6.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Other research analysts have also issued reports about the company. Wall Street Zen upgraded Oncobiologics to a “sell” rating in a research note on Saturday, May 30th. BTIG Research restated a “neutral” rating on shares of Oncobiologics in a research note on Monday, May 18th. HC Wainwright reiterated a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. Chardan Capital reiterated a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Oncobiologics in a research note on Friday, March 27th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.50.

Oncobiologics Trading Up 26.3%

Shares of NASDAQ OTLK opened at $0.89 on Thursday. The business has a fifty day simple moving average of $0.37 and a 200 day simple moving average of $0.73. The firm has a market capitalization of $124.64 million, a price-to-earnings ratio of -0.76 and a beta of 0.96. Oncobiologics has a one year low of $0.16 and a one year high of $3.39.

Oncobiologics (NASDAQ:OTLK) last issued its earnings results on Friday, May 15th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $0.13 million during the quarter, compared to analyst estimates of $4.39 million. On average, research analysts anticipate that Oncobiologics will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at Oncobiologics

In related news, Director Ghiath M. Sukhtian acquired 8,539,709 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was purchased at an average cost of $0.59 per share, for a total transaction of $5,038,428.31. Following the completion of the purchase, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in 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 acquiring an additional 21,941 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Oncobiologics by 74.1% during the first quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock worth $126,000 after purchasing an additional 44,063 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Oncobiologics by 42.7% during the first quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock worth $103,000 after purchasing an additional 25,351 shares during the last quarter. 11.20% of the stock is currently owned by institutional investors and hedge funds.

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.