Oncobiologics (NASDAQ:OTLK) Issues 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 quarterly earnings results on Thursday, August 14th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.02), Zacks reports. The firm had revenue of $1.51 million during the quarter, compared to analysts' expectations of $1.66 million.

Oncobiologics Price Performance

Shares of OTLK stock traded up $0.02 during trading hours on Thursday, reaching $2.41. 3,791,136 shares of the company's stock were exchanged, compared to its average volume of 1,567,414. Oncobiologics has a 1 year low of $0.87 and a 1 year high of $8.32. The stock's fifty day moving average price is $1.99 and its two-hundred day moving average price is $1.71.

Hedge Funds Weigh In On Oncobiologics

Several hedge funds have recently made changes to their positions in OTLK. Russell Investments Group Ltd. lifted its position 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 acquiring an additional 21,941 shares during the period. AQR Capital Management LLC increased 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 purchasing an additional 25,351 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings 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 purchasing an additional 44,063 shares during the period. 11.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Guggenheim restated a "buy" rating on shares of Oncobiologics in a research note on Tuesday, May 20th. Ascendiant Capital Markets cut their price target on Oncobiologics from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, June 6th. Finally, Chardan Capital restated a "neutral" rating and set a $3.00 price target on shares of Oncobiologics in a research note on Friday, August 15th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $9.60.

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.