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

Oncobiologics, Inc. (NASDAQ:OTLK) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 6,810,000 shares, an increase of 133.2% from the August 15th total of 2,920,000 shares. Based on an average daily volume of 3,050,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 24.1% of the shares of the company are short sold. Approximately 24.1% of the shares of the company are short sold. Based on an average daily volume of 3,050,000 shares, the days-to-cover ratio is currently 2.2 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OTLK. Goldman Sachs Group Inc. raised 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 buying an additional 44,063 shares during the last quarter. AQR Capital Management LLC raised 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 buying an additional 25,351 shares during the last quarter. Jane Street Group LLC raised its position in shares of Oncobiologics by 133.9% in the fourth quarter. Jane Street Group LLC now owns 26,218 shares of the company’s stock valued at $50,000 after buying an additional 15,008 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position 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 buying an additional 21,941 shares during the last quarter. Institutional investors and hedge funds own 11.20% of the company’s stock.

Oncobiologics Stock Performance

Shares of OTLK traded up $0.06 during mid-day trading on Monday, hitting $1.10. 1,900,140 shares of the company were exchanged, compared to its average volume of 1,584,277. Oncobiologics has a 1-year low of $0.79 and a 1-year high of $6.98. The company has a 50 day moving average of $1.89 and a 200-day moving average of $1.67. The stock has a market cap of $48.64 million, a price-to-earnings ratio of -1.92 and a beta of 0.49.

Oncobiologics (NASDAQ:OTLK) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.02). The company had revenue of $1.51 million for the quarter, compared to analysts’ expectations of $1.66 million. Research analysts anticipate that Oncobiologics will post -2.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OTLK has been the subject of several analyst reports. Zacks Research cut shares of Oncobiologics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. HC Wainwright reiterated a “neutral” rating on shares of Oncobiologics in a research note on Friday, August 29th. Guggenheim cut shares of Oncobiologics from a “buy” rating to a “neutral” rating in a research note on Thursday, August 28th. Chardan Capital reiterated a “neutral” rating and issued a $3.00 target price on shares of Oncobiologics in a research note on Thursday, August 28th. Finally, Ascendiant Capital Markets decreased their target price on shares of Oncobiologics from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, June 6th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $9.60.

Oncobiologics Company Profile

Outlook Therapeutics, Inc, operates as a clinical-stage biopharmaceutical company, focuses on developing and commercializing monoclonal antibodies for various ophthalmic indications. Its lead product candidate is ONS-5010, an ophthalmic formulation of bevacizumab product candidate that is in Phase-III clinical trial for the treatment of wet age-related macular degeneration and other retina diseases.