Oncobiologics' (OTLK) Buy Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research reaffirmed its Buy rating on Oncobiologics and set a $4.00 price target, implying roughly 433% upside from the stock’s $0.75 close.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, four Hold, and one Sell, producing an overall “Hold” consensus with an average target price of $4.65.
• The company reported a quarterly loss of $0.09 per share versus the $0.08 expected loss, while revenue of $0.01 million fell well short of the $0.97 million consensus estimate. Insiders nevertheless purchased more than 8.6 million shares over the last quarter.

Oncobiologics (NASDAQ:OTLK - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at BTIG Research in a report released on Friday,Benzinga reports. They presently have a $4.00 price objective on the stock. BTIG Research's target price indicates a potential upside of 433.33% from the company's previous close.

Several other research firms have also recently commented on OTLK. HC Wainwright lifted their price target on Oncobiologics to $1.60 and gave the company a "neutral" rating in a report on Monday, July 27th. Wall Street Zen upgraded shares of Oncobiologics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Oncobiologics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday. Finally, Ascendiant Capital Markets boosted their target price on shares of Oncobiologics from $6.00 to $10.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Oncobiologics has an average rating of "Hold" and an average target price of $4.65.

Oncobiologics Price Performance

OTLK stock traded down $0.14 during midday trading on Friday, hitting $0.75. The stock had a trading volume of 70,870,207 shares, compared to its average volume of 12,887,642. The firm has a market cap of $111.44 million, a PE ratio of -0.66 and a beta of 0.82. Oncobiologics has a 12-month low of $0.16 and a 12-month high of $3.39. The company's 50-day moving average price is $1.31 and its 200 day moving average price is $0.70.

Oncobiologics (NASDAQ:OTLK - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.01). The business had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.97 million. As a group, sell-side analysts anticipate that Oncobiologics will post -0.49 EPS for the current year.

Insider Activity

In other news, Director Faisal Ghiath Sukhtian acquired 95,398 shares of the stock in a transaction on Wednesday, July 29th. The stock was bought at an average price of $1.05 per share, with a total value of $100,167.90. Following the completion of the transaction, the director directly owned 220,972 shares of the company's stock, valued at $232,020.60. The trade was a 75.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ghiath M. Sukhtian bought 8,539,709 shares of Oncobiologics stock in a transaction dated Thursday, May 28th. The shares were purchased at an average cost of $0.59 per share, for a total transaction of $5,038,428.31. Following the completion of the transaction, the director owned 22,092,068 shares of the company's stock, valued at approximately $13,034,320.12. This represents a 63.01% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 8,664,107 shares of company stock worth $5,162,666. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Oncobiologics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its holdings in Oncobiologics by 865.2% in the second quarter. Russell Investments Group Ltd. now owns 24,477 shares of the company's stock valued at $39,000 after acquiring an additional 21,941 shares in the last quarter. AQR Capital Management LLC grew 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 acquiring an additional 25,351 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew 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 acquiring an additional 44,063 shares in the last quarter. Hedge funds and other institutional investors own 11.20% of the company's stock.

About Oncobiologics

Oncobiologics, Inc is a clinical-stage biopharmaceutical company specializing in the development of biosimilar therapeutics for cancer and autoimmune diseases. Leveraging recombinant DNA technology and advanced formulation platforms, the company aims to create high-quality, cost-effective alternatives to originator biologic drugs. Oncobiologics' research focus includes monoclonal antibodies and growth factors that support oncology treatment and immunomodulation.

Founded in 2005 and headquartered in Marlborough, Massachusetts, Oncobiologics maintains research facilities in the Greater Boston area and an integrated manufacturing site in Hyderabad, India, through its wholly owned subsidiary.

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