Goldman Sachs Group Inc. Lowers Holdings in OmniAb, Inc. $OABI

Key Points

• Goldman Sachs Group Inc. has reduced its stake in OmniAb, Inc. by 55.6%, owning approximately 0.20% of the company with a value of $585,000 after selling 304,866 shares in the first quarter.
• OmniAb reported a net loss with earnings per share of ($0.15), missing analysts' estimates, and had revenue of $3.90 million, below expected amounts.
• Royal Bank of Canada has lowered its price target for OmniAb from $4.00 to $3.00, while analysts maintain an average target price of $6.67, indicating a generally positive outlook for the stock.

Goldman Sachs Group Inc. reduced its stake in shares of OmniAb, Inc. (NASDAQ:OABI - Free Report) by 55.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 243,669 shares of the company's stock after selling 304,866 shares during the period. Goldman Sachs Group Inc. owned approximately 0.20% of OmniAb worth $585,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. AQR Capital Management LLC acquired a new stake in OmniAb during the first quarter worth about $25,000. Cerity Partners LLC purchased a new stake in OmniAb in the 1st quarter worth approximately $26,000. PNC Financial Services Group Inc. grew its stake in shares of OmniAb by 279.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company's stock worth $39,000 after purchasing an additional 11,986 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of OmniAb during the 4th quarter valued at approximately $62,000. Finally, ProShare Advisors LLC increased its holdings in shares of OmniAb by 29.9% during the 4th quarter. ProShare Advisors LLC now owns 31,724 shares of the company's stock valued at $112,000 after purchasing an additional 7,302 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

OmniAb Price Performance

Shares of NASDAQ:OABI opened at $1.56 on Friday. The business's 50 day moving average price is $1.80 and its 200-day moving average price is $1.86. OmniAb, Inc. has a 1 year low of $1.22 and a 1 year high of $4.87. The firm has a market capitalization of $224.58 million, a price-to-earnings ratio of -2.60 and a beta of 0.14.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). OmniAb had a negative return on equity of 22.79% and a negative net margin of 275.83%.The company had revenue of $3.90 million for the quarter, compared to analyst estimates of $5.33 million. On average, sell-side analysts expect that OmniAb, Inc. will post -0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada dropped their price target on shares of OmniAb from $4.00 to $3.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, OmniAb has an average rating of "Buy" and an average target price of $6.67.

OmniAb Company Profile

OmniAb, Inc, a biotechnology company, engages in the discovery and provision of therapeutic antibody discovery technologies in the United States. The company's technology platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts.

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