Oncobiologics (NASDAQ:OTLK) Downgraded by Zacks Research to Hold

Key Points

• Oncobiologics' stock rating has been downgraded from a "strong-buy" to a "hold" by Zacks Research, reflecting analysts' changing sentiment about the company's performance.
• The company's stock is currently trading at around $1.09, significantly lower than its twelve-month high of $8.32, indicating a 54.2% drop in value.
• Despite recent downgrades, Oncobiologics maintains a consensus rating of "Moderate Buy" with a price target of $9.60 according to market analysis.

Oncobiologics (NASDAQ:OTLK - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Wednesday, August 27th,Zacks.com reports.

A number of other brokerages have also issued reports on OTLK. Guggenheim lowered Oncobiologics from a "buy" rating to a "neutral" rating in a research note on Thursday, August 28th. Chardan Capital reissued a "neutral" rating and set a $3.00 price target on shares of Oncobiologics in a research note on Thursday, August 28th. Finally, Ascendiant Capital Markets decreased their price target on Oncobiologics from $24.00 to $21.00 and set a "buy" rating for the company in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $9.60.

Oncobiologics Price Performance

Shares of NASDAQ:OTLK traded down $0.01 during trading on Wednesday, hitting $0.86. The company had a trading volume of 1,600,299 shares, compared to its average volume of 1,473,287. The stock has a market cap of $38.11 million, a price-to-earnings ratio of -1.51 and a beta of 0.48. Oncobiologics has a one year low of $0.79 and a one year high of $8.32. The company has a fifty day simple moving average of $2.01 and a two-hundred day simple moving average of $1.71.

Oncobiologics (NASDAQ:OTLK - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.02). The firm had revenue of $1.51 million during the quarter, compared to analyst estimates of $1.66 million. On average, equities research analysts anticipate that Oncobiologics will post -2.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new position in Oncobiologics during the 4th quarter worth $246,000. Goldman Sachs Group Inc. increased its holdings in Oncobiologics by 74.1% during 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 during the period. AQR Capital Management LLC increased its holdings in Oncobiologics by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 84,671 shares of the company's stock worth $103,000 after purchasing an additional 25,351 shares during the period. Jane Street Group LLC increased its holdings in Oncobiologics by 133.9% during the 4th quarter. Jane Street Group LLC now owns 26,218 shares of the company's stock worth $50,000 after purchasing an additional 15,008 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings 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 purchasing an additional 21,941 shares during the period. 11.20% of the stock is currently owned by hedge funds and other institutional investors.

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.