Ascendiant Capital Markets Boosts Oncobiologics (NASDAQ:OTLK) Price Target to $10.50

Oncobiologics (NASDAQ:OTLK) had its target price increased by equities research analysts at Ascendiant Capital Markets from $10.00 to $10.50 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock.

Several other brokerages also recently issued reports on OTLK. HC Wainwright upped their price target on shares of Oncobiologics to $1.60 and gave the company a “neutral” rating in a report on Monday, July 27th. BTIG Research reissued a “buy” rating and set a $4.00 price objective on shares of Oncobiologics in a research note on Friday, August 14th. Wall Street Zen cut shares of Oncobiologics from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded Oncobiologics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $5.37.

Oncobiologics Stock Up 2.7%

NASDAQ:OTLK opened at $0.66 on Friday. The company has a market capitalization of $160.97 million, a PE ratio of -0.86 and a beta of 0.74. Oncobiologics has a 52-week low of $0.16 and a 52-week high of $2.54. The stock has a fifty day simple moving average of $1.02 and a 200-day simple moving average of $0.73.

Oncobiologics (NASDAQ:OTLK) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $0.97 million. As a group, equities analysts anticipate that Oncobiologics will post -0.47 earnings per share for the current year.

Insider Activity

In other news, Director Faisal Ghiath Sukhtian purchased 95,398 shares of the stock in a transaction dated Wednesday, July 29th. The stock was acquired at an average cost of $1.05 per share, for a total transaction of $100,167.90. Following the completion of the acquisition, the director directly owned 220,972 shares in the company, valued at $232,020.60. This represents a 75.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ghiath M. Sukhtian purchased 2,525,252 shares of the stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average price of $0.99 per share, with a total value of $2,499,999.48. Following the completion of the acquisition, the director owned 24,617,320 shares of the company’s stock, valued at approximately $24,371,146.80. This represents a 11.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Oncobiologics

Several institutional investors and hedge funds have recently modified their holdings of OTLK. NewEdge Advisors LLC purchased a new stake in Oncobiologics in the 2nd quarter worth approximately $27,000. Russell Investments Group Ltd. raised 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 valued at $39,000 after acquiring an additional 21,941 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Oncobiologics by 42.7% during the 1st 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 period. Finally, Goldman Sachs Group Inc. lifted its stake 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 worth $126,000 after purchasing an additional 44,063 shares during the period. Hedge funds and other institutional investors own 11.20% of the company’s stock.

About Oncobiologics

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.