Oncobiologics reports quarterly earnings miss and director stock purchase

Oncobiologics, Inc. (NASDAQ:OTLK) recently reported quarterly earnings that missed analyst expectations. The company reported earnings per share of ($0.09), compared to the consensus estimate of ($0.08), with revenue of $0.01 million against an estimated $0.97 million.

In related insider activity, Director Ghiath Sukhtian purchased 2,525,252 shares of Oncobiologics stock on August 12th at an average cost of $0.99 per share. This transaction, valued at approximately $2.5 million, increased Sukhtian’s total holdings to 24,617,320 shares.

Additionally, Goldman Sachs Group Inc. increased its position in the company by 74.1% during the first quarter, now holding 103,524 shares.