Oncobiologics (NASDAQ:OTLK) Given New $6.00 Price Target at Ascendiant Capital Markets

Oncobiologics (NASDAQ:OTLK) had its target price cut by Ascendiant Capital Markets from $10.00 to $6.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

OTLK has been the subject of several other reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Oncobiologics in a research report on Monday, December 29th. Chardan Capital restated a “neutral” rating on shares of Oncobiologics in a research report on Wednesday, February 18th. HC Wainwright reiterated a “neutral” rating on shares of Oncobiologics in a report on Wednesday, February 18th. Finally, Wall Street Zen lowered Oncobiologics from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.50.

Oncobiologics Stock Performance

NASDAQ:OTLK opened at $0.43 on Wednesday. Oncobiologics has a 52 week low of $0.38 and a 52 week high of $3.39. The firm’s fifty day moving average is $0.50 and its 200-day moving average is $1.13. The firm has a market cap of $36.06 million, a P/E ratio of -0.17 and a beta of -0.07.

Oncobiologics (NASDAQ:OTLK) last announced its earnings results on Tuesday, February 17th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). The company had revenue of ($1.21) million for the quarter, compared to analyst estimates of $3.14 million. As a group, sell-side analysts anticipate that Oncobiologics will post -2.27 earnings per share for the current year.

Hedge Funds Weigh In On Oncobiologics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in shares of Oncobiologics by 74.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 103,524 shares of the company’s stock valued at $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 1st quarter. AQR Capital Management LLC now owns 84,671 shares of the company’s stock valued at $103,000 after buying an additional 25,351 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Oncobiologics by 865.2% during the 2nd 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. 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.