OmniAb, Inc. $OABI Shares Sold by First Sabrepoint Capital Management LP

Key Points

• First Sabrepoint Capital Management LP has reduced its stake in OmniAb, Inc. by 71.9%, selling over 1 million shares, which now make up only 0.4% of its investment portfolio.
• OmniAb recently reported a loss of ($0.15) earnings per share, missing analysts' estimates, and has a negative net margin of 275.83% for the quarter.
• Despite recent downgrades, OmniAb has an average rating of "Buy" from analysts, with a consensus target price of $6.67.

First Sabrepoint Capital Management LP reduced its stake in shares of OmniAb, Inc. (NASDAQ:OABI - Free Report) by 71.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 410,000 shares of the company's stock after selling 1,050,602 shares during the period. OmniAb makes up approximately 0.4% of First Sabrepoint Capital Management LP's investment portfolio, making the stock its 27th biggest holding. First Sabrepoint Capital Management LP owned 0.34% of OmniAb worth $984,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cerity Partners LLC acquired a new stake in shares of OmniAb during the first quarter worth $26,000. Hsbc Holdings PLC acquired a new stake in shares of OmniAb during the fourth quarter worth $38,000. PNC Financial Services Group Inc. lifted its position in OmniAb by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company's stock valued at $39,000 after purchasing an additional 11,986 shares during the period. Sherbrooke Park Advisers LLC lifted its position in OmniAb by 53.5% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company's stock valued at $61,000 after purchasing an additional 6,001 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in OmniAb during the fourth quarter valued at $62,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

OmniAb Stock Performance

OABI opened at $1.60 on Friday. OmniAb, Inc. has a fifty-two week low of $1.22 and a fifty-two week high of $4.87. The company has a fifty day moving average of $1.91 and a two-hundred day moving average of $2.10. The stock has a market capitalization of $196.32 million, a price-to-earnings ratio of -2.67 and a beta of 0.16.

OmniAb (NASDAQ:OABI - Get Free Report) last released 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 net margin of 275.83% and a negative return on equity of 22.79%. The firm had revenue of $3.90 million during the quarter, compared to analysts' expectations of $5.33 million. On average, equities research analysts forecast that OmniAb, Inc. will post -0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OABI. Royal Bank Of Canada decreased their target price on shares of OmniAb from $4.00 to $3.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Benchmark restated a "buy" rating and set a $6.00 target price on shares of OmniAb in a research report on Monday, May 12th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus 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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