Oncobiologics (NASDAQ:OTLK) Trading Down 1.5% - Time to Sell?

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 mid-day trading on Friday . The company traded as low as $1.86 and last traded at $1.93. Approximately 669,143 shares changed hands during trading, a decline of 22% from the average daily volume of 859,696 shares. The stock had previously closed at $1.96.

Analyst Upgrades and Downgrades

OTLK has been the topic of a number of research analyst reports. 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 report on Friday, June 6th. Guggenheim reiterated a "buy" rating on shares of Oncobiologics in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.60.

Oncobiologics Trading Down 5.3%

The stock has a market capitalization of $63.62 million, a PE ratio of -2.08 and a beta of 0.26. The firm has a 50-day moving average price of $1.90 and a 200-day moving average price of $1.69.

Oncobiologics (NASDAQ:OTLK - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.15. Sell-side analysts expect that Oncobiologics, Inc. will post -2.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Oncobiologics

Several large investors have recently made changes to their positions in OTLK. Russell Investments Group Ltd. increased its holdings 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 acquiring an additional 17,119 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in Oncobiologics in the 4th quarter worth about $48,000. Jane Street Group LLC increased its holdings in Oncobiologics by 133.9% in the 4th quarter. Jane Street Group LLC now owns 26,218 shares of the company's stock worth $50,000 after acquiring an additional 15,008 shares during the last quarter. Scotia Capital Inc. increased its holdings 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 acquiring an additional 41,023 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in 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 during the last quarter. 11.20% of the stock is 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.