Leerink Partners Forecasts Strong Price Appreciation for OmniAb (NASDAQ:OABI) Stock

Key Points

• Leerink Partners raised OmniAb’s price target from $10 to $12 while maintaining an “outperform” rating, implying 158.9% potential upside from the stock’s $4.63 price.
• Analyst sentiment is generally positive: three analysts rate OmniAb a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $11.50.
• OmniAb exceeded quarterly expectations, reporting a loss of $0.05 per share versus the forecasted $0.12 loss and revenue of $13.41 million versus the $4.69 million estimate, though the company remains unprofitable.

OmniAb (NASDAQ:OABI - Get Free Report) had its price objective upped by Leerink Partners from $10.00 to $12.00 in a report released on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Leerink Partners' target price points to a potential upside of 158.90% from the stock's current price.

Several other equities analysts have also commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $11.00 target price on shares of OmniAb in a report on Monday, August 17th. Weiss Ratings raised OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $11.50.

OmniAb Stock Performance

NASDAQ:OABI traded up $0.28 during mid-day trading on Wednesday, reaching $4.63. The stock had a trading volume of 783,888 shares, compared to its average volume of 841,717. The stock has a market capitalization of $671.07 million, a P/E ratio of -12.87 and a beta of 0.60. The firm has a 50 day moving average price of $4.02 and a two-hundred day moving average price of $2.72. OmniAb has a one year low of $1.30 and a one year high of $5.43.

OmniAb (NASDAQ:OABI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.07. The business had revenue of $13.41 million for the quarter, compared to analysts' expectations of $4.69 million. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. Research analysts forecast that OmniAb will post -0.35 earnings per share for the current year.

Institutional Investors Weigh In On OmniAb

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in OmniAb in the 2nd quarter worth $28,000. Canada Pension Plan Investment Board bought a new position in shares of OmniAb during the second quarter valued at about $37,000. Two Sigma Securities LLC purchased a new stake in shares of OmniAb during the second quarter worth about $39,000. State of Wyoming grew its stake in shares of OmniAb by 101.7% in the first quarter. State of Wyoming now owns 24,694 shares of the company's stock worth $39,000 after purchasing an additional 12,451 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of OmniAb in the second quarter worth about $61,000. 72.08% of the stock is currently owned by institutional investors.

About OmniAb

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company's technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.

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