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

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

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

Oncobiologics Stock Performance

Shares of NASDAQ OTLK opened at $0.89 on Thursday. The stock has a market cap of $124.64 million, a price-to-earnings ratio of -0.76 and a beta of 0.96. The business has a 50 day simple moving average of $0.37 and a 200 day simple moving average of $0.73. Oncobiologics has a 52 week low of $0.16 and a 52 week high of $3.39.

Oncobiologics (NASDAQ:OTLK) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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, analysts predict that Oncobiologics will post -0.51 EPS for the current year.

Insider Buying and Selling at Oncobiologics

In other Oncobiologics news, Director Ghiath M. Sukhtian acquired 8,539,709 shares of Oncobiologics stock in a transaction dated 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Oncobiologics

Several hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its position in shares of 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 acquiring an additional 44,063 shares during the period. AQR Capital Management LLC boosted its position in shares of Oncobiologics by 42.7% in the first quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock valued at $103,000 after acquiring an additional 25,351 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Oncobiologics by 865.2% in the second quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company’s stock valued at $39,000 after purchasing an additional 21,941 shares in 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.