Oncobiologics announced that Lawrence Kenyon, its CFO and Corporate Secretary, has been appointed to the role of President and CEO, and has joined the company's board as a Class II Director. Kenyon will remain as CFO until a replacement is appointed.
Oncobiologics announced that, on July 10, 2018, the company received formal notice from The Nasdaq Stock Market that the company has evidenced compliance with the applicable requirements for the continued listing of the company's securities on The Nasdaq Capital Market, including the minimum $35M market value of listed securities requirement. Accordingly, the company's previously disclosed matter before the Nasdaq Hearings Panel has been closed. The company remains subject to a 180-day grace period, through October 23, 2018, to regain compliance with Nasdaq's minimum $1.00 per share bid price requirement for continued listing. In order to evidence compliance with that requirement, the company must evidence a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days on or before October 23, 2018. If the company does not timely regain compliance, the company's securities would be subject to delisting; however, the company would be entitled to request a hearing before a Nasdaq Hearings Panel, which request would stay any delisting action by Nasdaq pending the ultimate conclusion of the hearing process.
Oncobiologics announced that it has entered into a Master Services Agreement with Sonnet BioTherapeutics, a privately held development stage biopharmaceutical company, and has officially launched its BioSymphony Platform based contract development and manufacturing, or CDMO, business. The terms of the MSA were not disclosed, but the MSA engages Oncobiologics to provide CDMO services for up to four drug product candidates over the next three years. "We are excited to sign our first CDMO contract to leverage our BioSymphony Platform capacity with development stage partners. Our Biosymphony Platform capabilities have generated a great deal of interest and we look forward to leveraging our recently announced participation in the Bio2Source program to add additional partners for our CDMO services. We believe this CDMO business, and the associated revenue, integrated with our ongoing efforts to develop our own proprietary innovative and biosimilar product candidates, will help us to reduce costs and improve efficiency to drive stockholder value," said CEO Pankaj Mohan.
Oncobiologics announced that on February 13, 2018, the company received formal notice that the Nasdaq Hearings Panel has granted the company's request for the transfer of its listing from The Nasdaq Global Market to The Nasdaq Capital Market, pursuant to an extension through May 15, 2018 to evidence compliance with all applicable requirements for continued listing on Nasdaq, including the applicable $35M market capitalization requirement. The company's current market capitalization is approximately $30M. The company's common stock and Series A and Series B warrants will begin trading on The Nasdaq Capital Market tier under their respective current trading symbols, ONS, ONSIW and ONSIZ, effective with the open of business on Thursday, February 15, 2018.
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Market Perform from Outperform at Bernstein with analyst Sara Senatore saying she believes the business mix is clearly shifting toward China just not fast enough to offset the U.S. The analyst also lowered her price target for $64 from $67. 2. CBS (CBS) downgraded to Market Perform from Outperform at Wells Fargo with analyst Marci Ryvicker saying she does not like the company's potential merger with Viacom (VIAB). 3. Oncobiologics (ONS) downgraded to Equal Weight from Overweight at Barclays with analyst Douglas Tsao saying he sees a lack of clarity in the go forward business. 4. Alliance Data (ADS) downgraded to Market Perform from Outperform at Cowen with analyst George Mihalos saying believes the shares are reaching fair value and that many of its catalysts from 2018 will not repeat over the intermediate term. 5. Fortis (FTS) downgraded to Underperform from Sector Perform at National Bank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Oncobiologics downgraded to Equal Weight from Overweight at Barclays. Barclays analyst Douglas Tsao downgraded Oncobiologics to Equal Weight and cut his price target for the shares to $1.50 from $11. The analyst sees a lack of clarity in the go forward business. His new price target reflects removal of U.S. Humira and Avastin biosimilar opportunities and the addition of contract manufacturing and emerging market revenues.