Private Management Group Inc. Grows Position in OmniAb, Inc. (NASDAQ:OABI)

Key Points

• Private Management Group Inc. increased its stake in OmniAb, Inc. by 13.3%, owning approximately 2.53 million shares valued at $6.07 million as of the latest reporting period.
• In the fourth quarter, JPMorgan Chase & Co. significantly raised its holdings by 582.1%, acquiring over 854,000 shares and increasing its total to 1 million shares valued at about $3.55 million.
• Analysts expect OmniAb, Inc. to report an earnings per share of -0.61 for the current year, following a reported EPS of -0.17 for the last quarter.

Private Management Group Inc. increased its holdings in shares of OmniAb, Inc. (NASDAQ:OABI - Free Report) by 13.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,529,759 shares of the company's stock after buying an additional 296,711 shares during the period. Private Management Group Inc. owned about 2.07% of OmniAb worth $6,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OABI. Squarepoint Ops LLC lifted its holdings in OmniAb by 33.3% in the 4th quarter. Squarepoint Ops LLC now owns 39,264 shares of the company's stock valued at $139,000 after purchasing an additional 9,809 shares in the last quarter. ProShare Advisors LLC lifted its holdings in OmniAb by 29.9% in 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. JPMorgan Chase & Co. lifted its holdings in OmniAb by 582.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company's stock valued at $3,546,000 after purchasing an additional 854,929 shares in the last quarter. Geode Capital Management LLC lifted its holdings in OmniAb by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company's stock valued at $8,333,000 after purchasing an additional 28,061 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of OmniAb by 14.7% during the 4th quarter. Barclays PLC now owns 164,315 shares of the company's stock worth $582,000 after acquiring an additional 21,100 shares during the period. Hedge funds and other institutional investors own 72.08% of the company's stock.

Analysts Set New Price Targets

Separately, Benchmark reiterated a "buy" rating and set a $6.00 price target on shares of OmniAb in a report on Monday, May 12th.

Insider Activity

In related news, Director Steven Love acquired 25,000 shares of OmniAb stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average cost of $1.46 per share, for a total transaction of $36,500.00. Following the acquisition, the director owned 38,333 shares in the company, valued at approximately $55,966.18. This represents a 187.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Higgins acquired 65,000 shares of OmniAb stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average price of $1.44 per share, for a total transaction of $93,600.00. Following the completion of the acquisition, the director owned 2,831,887 shares in the company, valued at $4,077,917.28. This trade represents a 2.35% increase in their position. The disclosure for this purchase can be found here. 8.60% of the stock is currently owned by insiders.

OmniAb Stock Performance

Shares of NASDAQ OABI traded up $0.03 during trading on Wednesday, hitting $1.99. 95,846 shares of the company were exchanged, compared to its average volume of 796,826. OmniAb, Inc. has a 12-month low of $1.22 and a 12-month high of $4.95. The company has a fifty day moving average price of $1.73 and a 200-day moving average price of $2.34. The firm has a market capitalization of $242.44 million, a PE ratio of -3.42 and a beta of 0.14.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). OmniAb had a negative return on equity of 21.37% and a negative net margin of 229.11%. The business had revenue of $4.15 million for the quarter, compared to analyst estimates of $4.49 million. Research analysts anticipate that OmniAb, Inc. will post -0.61 earnings per share for the current fiscal year.

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.