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

Oncobiologics (NASDAQ:OTLK) had its price objective hoisted by stock analysts at Ascendiant Capital Markets from $10.00 to $10.50 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock.

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

Oncobiologics Price Performance

Shares of Oncobiologics stock opened at $0.66 on Friday. The firm’s fifty day simple moving average is $1.02 and its 200-day simple moving average is $0.73. Oncobiologics has a 12 month low of $0.16 and a 12 month high of $2.54. The stock has a market capitalization of $160.97 million, a price-to-earnings ratio of -0.86 and a beta of 0.74.

Oncobiologics (NASDAQ:OTLK) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $0.97 million. Analysts anticipate that Oncobiologics will post -0.47 earnings per share for the current year.

Insider Transactions at Oncobiologics

In other Oncobiologics news, Director Ghiath M. Sukhtian bought 2,525,252 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $0.99 per share, for a total transaction of $2,499,999.48. Following the transaction, the director owned 24,617,320 shares of the company’s stock, valued at approximately $24,371,146.80. This trade represents a 11.43% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Faisal Ghiath Sukhtian bought 95,398 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were acquired at an average cost of $1.05 per share, with a total value of $100,167.90. Following the completion of the purchase, the director owned 220,972 shares in the company, valued at approximately $232,020.60. This represents a 75.97% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.80% of the stock is owned by company insiders.

Institutional Trading of Oncobiologics

Institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC purchased a new stake in Oncobiologics during the second quarter worth about $27,000. Russell Investments Group Ltd. increased its holdings in 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 buying an additional 21,941 shares in the last quarter. AQR Capital Management LLC increased its holdings in 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 buying an additional 25,351 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position 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 valued at $126,000 after acquiring an additional 44,063 shares during the period. 11.20% of the stock is currently owned by hedge funds and other institutional investors.

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.