Oncobiologics (NASDAQ:OTLK) Releases Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Oncobiologics reported an earnings per share (EPS) of ($0.44) for the recent quarter, which was a miss by $0.02 compared to analyst estimates of ($0.42).
• The company's revenue was $1.51 million, falling short of the expected $1.66 million.
• Oncobiologics' stock price declined 3.7% to $2.34 following the earnings announcement, and the stock has a market cap of $78.55 million.

Oncobiologics (NASDAQ:OTLK - Get Free Report) announced its earnings results on Thursday. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.02), Zacks reports. The company had revenue of $1.51 million during the quarter, compared to analyst estimates of $1.66 million.

Oncobiologics Trading Down 3.7%

NASDAQ OTLK traded down $0.09 during mid-day trading on Friday, reaching $2.34. 2,683,266 shares of the company's stock traded hands, compared to its average volume of 1,026,553. Oncobiologics has a 1-year low of $0.87 and a 1-year high of $8.32. The company has a fifty day simple moving average of $1.94 and a 200-day simple moving average of $1.69. The company has a market cap of $78.55 million, a price-to-earnings ratio of -4.11 and a beta of 0.26.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OTLK. Ascendiant Capital Markets dropped their target price on Oncobiologics from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, June 6th. Chardan Capital restated a "neutral" rating and set a $3.00 price objective on shares of Oncobiologics in a research note on Friday. Finally, Guggenheim restated a "buy" rating on shares of Oncobiologics in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $9.60.

Institutional Investors Weigh In On Oncobiologics

Hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position 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 acquiring an additional 21,941 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Oncobiologics by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 84,671 shares of the company's stock worth $103,000 after acquiring an additional 25,351 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in 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 purchasing an additional 44,063 shares during the period. Institutional investors and hedge funds own 11.20% of the company's stock.

About Oncobiologics

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.

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