ADAR1 Capital Management LLC Makes New Investment in OmniAb, Inc. $OABI

Key Points

• ADAR1 Capital Management acquired 947,412 OmniAb shares worth approximately $2.33 million, representing a 0.65% stake. Institutional investors collectively own 72.08% of the company.
• Analyst sentiment is mixed: HC Wainwright maintained a “Buy” rating with an $11 price target, while the overall MarketBeat consensus is “Hold,” based on two Buy ratings and one Sell rating.
• OmniAb reported stronger-than-expected quarterly results, with an adjusted loss of $0.05 per share versus the $0.12 expected loss and revenue of $13.41 million versus $4.69 million expected. The stock opened at $4.66, near its 52-week high of $4.78.

ADAR1 Capital Management LLC acquired a new position in OmniAb, Inc. (NASDAQ:OABI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 947,412 shares of the company's stock, valued at approximately $2,331,000. ADAR1 Capital Management LLC owned 0.65% of OmniAb as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Whitefort Capital Management LP bought a new stake in OmniAb during the 2nd quarter worth approximately $25,211,699,000. Canada Pension Plan Investment Board purchased a new stake in shares of OmniAb in the second quarter worth $37,000. Legal & General Group Plc bought a new stake in shares of OmniAb during the 2nd quarter valued at $28,000. The Manufacturers Life Insurance Company bought a new stake in shares of OmniAb during the 2nd quarter valued at $61,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of OmniAb during the 2nd quarter valued at $178,000. 72.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OABI shares. HC Wainwright reiterated a "buy" rating and issued a $11.00 price target on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, OmniAb currently has an average rating of "Hold" and an average target price of $11.00.

OmniAb Price Performance

OmniAb stock opened at $4.66 on Wednesday. The stock has a market cap of $674.67 million, a P/E ratio of -12.94 and a beta of 0.45. OmniAb, Inc. has a 1 year low of $1.30 and a 1 year high of $4.78. The firm's 50 day moving average price is $2.63 and its 200-day moving average price is $2.13.

OmniAb (NASDAQ:OABI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.07. The firm had revenue of $13.41 million for the quarter, compared to the consensus estimate of $4.69 million. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. As a group, equities analysts expect that OmniAb, Inc. will post -0.35 EPS for the current year.

OmniAb Company Profile

OmniAb, Inc NASDAQ: OABI operates as a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s integrated antibody discovery platform combines proprietary transgenic animal models, in vitro screening, and in silico engineering to accelerate lead identification and optimization. OmniAb offers both fee-for-service collaborations and license agreements, enabling biopharmaceutical partners to leverage its suite of technologies for programs spanning oncology, immunology, and other therapeutic areas.

Founded in 2016 and headquartered in Seattle, Washington, OmniAb went public in May 2021.

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