Oncobiologics, Inc. (NASDAQ:OTLK) Sees Large Decline in Short Interest

Oncobiologics, Inc. (NASDAQ:OTLK) saw a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 3,692,559 shares, a drop of 17.9% from the February 12th total of 4,499,122 shares. Based on an average trading volume of 998,318 shares, the days-to-cover ratio is presently 3.7 days. Currently, 4.6% of the shares of the stock are sold short. Currently, 4.6% of the shares of the stock are sold short. Based on an average trading volume of 998,318 shares, the days-to-cover ratio is presently 3.7 days.

Oncobiologics Stock Performance

OTLK traded down $0.04 on Monday, reaching $0.35. The company had a trading volume of 3,397,060 shares, compared to its average volume of 5,073,493. Oncobiologics has a 52-week low of $0.34 and a 52-week high of $3.39. The company has a market cap of $29.23 million, a price-to-earnings ratio of -0.13 and a beta of -0.07. The business has a 50 day simple moving average of $0.47 and a 200 day simple moving average of $1.09.

Oncobiologics (NASDAQ:OTLK) last released its quarterly earnings results on Tuesday, February 17th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). The business had revenue of ($1.21) million for the quarter, compared to analyst estimates of $3.14 million. As a group, equities research analysts predict that Oncobiologics will post -2.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Oncobiologics

A number of large investors have recently added to or reduced their stakes in OTLK. AQR Capital Management LLC raised its position 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 in the last quarter. Goldman Sachs Group Inc. boosted its holdings 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 worth $126,000 after purchasing an additional 44,063 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Oncobiologics by 865.2% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 11.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Oncobiologics in a report on Wednesday, February 18th. Wall Street Zen downgraded shares of Oncobiologics from a “hold” rating to a “sell” rating in a report on Saturday, January 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Oncobiologics in a report on Monday, December 29th. Ascendiant Capital Markets lowered their price objective on Oncobiologics from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Finally, Chardan Capital reissued a “neutral” rating on shares of Oncobiologics in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.50.

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.