Oncobiologics (NASDAQ:OTLK) Shares Down 1.5% - Here's What Happened

Key Points

• Oncobiologics' stock price fell by 1.5%, trading between $1.86 and $1.93, with a total volume of 669,143 shares, significantly below its average volume.
• Analysts have reduced their price target for Oncobiologics from $24.00 to $21.00 while maintaining a "buy" rating, indicating potential investor interest despite the decline.
• Institutional investors have increased their holdings significantly, with Russell Investments Group raising its position by nearly 34,937% in the last quarter, showcasing strong investment support.

Oncobiologics, Inc. (NASDAQ:OTLK - Get Free Report)'s share price dropped 1.5% during trading on Friday . The company traded as low as $1.86 and last traded at $1.93. Approximately 669,143 shares traded hands during trading, a decline of 22% from the average daily volume of 859,696 shares. The stock had previously closed at $1.96.

Analysts Set New Price Targets

OTLK has been the subject of a number of recent research reports. Guggenheim reaffirmed a "buy" rating on shares of Oncobiologics in a research note on Tuesday, May 20th. Ascendiant Capital Markets dropped their price objective on shares of Oncobiologics from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $9.60.

Oncobiologics Price Performance

The stock has a market capitalization of $67.47 million, a P/E ratio of -2.21 and a beta of 0.26. The stock's fifty day moving average is $1.88 and its 200-day moving average is $1.69.

Oncobiologics (NASDAQ:OTLK - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.15. On average, research analysts expect that Oncobiologics, Inc. will post -2.27 EPS for the current year.

Institutional Trading of Oncobiologics

Several institutional investors and hedge funds have recently modified their holdings of OTLK. Renaissance Technologies LLC bought a new position in shares of Oncobiologics in the fourth quarter valued at $246,000. Jane Street Group LLC increased its position in Oncobiologics by 133.9% during the 4th quarter. Jane Street Group LLC now owns 26,218 shares of the company's stock valued at $50,000 after purchasing an additional 15,008 shares during the period. Russell Investments Group Ltd. boosted its stake in Oncobiologics by 34,936.7% in the 4th quarter. Russell Investments Group Ltd. now owns 17,168 shares of the company's stock worth $32,000 after purchasing an additional 17,119 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in Oncobiologics in the fourth quarter worth about $48,000. Finally, Scotia Capital Inc. boosted its stake in Oncobiologics by 124.4% in the 4th quarter. Scotia Capital Inc. now owns 73,989 shares of the company's stock worth $140,000 after purchasing an additional 41,023 shares during the period. 11.20% of the stock is currently owned by institutional investors.

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.