Oncobiologics (NASDAQ:OTLK) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Oncobiologics (NASDAQ:OTLK) from a hold rating to a sell rating in a report issued on Saturday.

Other equities analysts have also recently issued research reports about the stock. BTIG Research reaffirmed a “buy” rating and issued a $4.00 price target on shares of Oncobiologics in a research report on Friday. Ascendiant Capital Markets boosted their price objective on Oncobiologics from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Weiss Ratings raised Oncobiologics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 12th. Finally, HC Wainwright raised their target price on Oncobiologics to $1.60 and gave the company a “neutral” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Oncobiologics has an average rating of “Hold” and a consensus price target of $4.65.

Oncobiologics Trading Down 11.1%

OTLK opened at $0.67 on Friday. The company’s fifty day moving average price is $1.31 and its two-hundred day moving average price is $0.70. Oncobiologics has a 1-year low of $0.16 and a 1-year high of $3.39. The company has a market cap of $99.88 million, a price-to-earnings ratio of -0.87 and a beta of 0.82.

Oncobiologics (NASDAQ:OTLK) last released its quarterly earnings data 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 business had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $0.97 million. As a group, equities analysts forecast that Oncobiologics will post -0.49 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Faisal Ghiath Sukhtian purchased 95,398 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were bought at an average cost of $1.05 per share, with a total value of $100,167.90. Following the completion of the transaction, the director directly owned 220,972 shares of the company’s stock, valued at approximately $232,020.60. This trade represents a 75.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ghiath M. Sukhtian purchased 2,525,252 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average cost of $0.99 per share, for a total transaction of $2,499,999.48. Following the completion of the transaction, the director directly owned 24,617,320 shares of the company’s stock, valued at $24,371,146.80. This represents a 11.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 11,189,359 shares of company stock valued at $7,662,666. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Oncobiologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in shares of Oncobiologics by 865.2% in 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 last quarter. AQR Capital Management LLC grew its holdings 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 in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Oncobiologics by 74.1% during 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 last quarter. 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.