Rice Hall James & Associates LLC Acquires New Stake in OmniAb, Inc. $OABI

Key Points

• Rice Hall James & Associates acquired 2.61 million OmniAb shares worth approximately $6.42 million, representing about 1.8% of the company. Institutional investors collectively own 72.08% of OABI.
• Analyst sentiment is mixed: two analysts rate OmniAb a Buy and one rates it a Sell, producing an overall “Hold” consensus and an $11.00 average price target.
• OmniAb exceeded quarterly expectations, reporting a loss of $0.05 per share versus the expected $0.12 loss and revenue of $13.41 million versus the $4.69 million consensus estimate, though profitability remained negative.

Rice Hall James & Associates LLC purchased a new position in OmniAb, Inc. (NASDAQ:OABI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,610,434 shares of the company's stock, valued at approximately $6,422,000. Rice Hall James & Associates LLC owned about 1.80% of OmniAb at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in shares of OmniAb during the first quarter valued at $25,000. Jane Street Group LLC boosted its position in shares of OmniAb by 26.3% during the first quarter. Jane Street Group LLC now owns 80,778 shares of the company's stock valued at $194,000 after buying an additional 16,823 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in OmniAb by 28.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 793,734 shares of the company's stock worth $1,381,000 after buying an additional 175,297 shares in the last quarter. Rhumbline Advisers increased its holdings in OmniAb by 6.0% in the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company's stock worth $280,000 after buying an additional 9,163 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in OmniAb by 17.0% in the 2nd quarter. Invesco Ltd. now owns 109,613 shares of the company's stock worth $191,000 after buying an additional 15,912 shares in the last quarter. Institutional investors own 72.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Weiss Ratings cut OmniAb from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 6th. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 price objective on shares of OmniAb in a report on Monday. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $11.00.

OmniAb Price Performance

Shares of OABI stock opened at $3.82 on Tuesday. The company has a market capitalization of $553.06 million, a price-to-earnings ratio of -10.61 and a beta of 0.45. OmniAb, Inc. has a one year low of $1.30 and a one year high of $4.29. The company's fifty day moving average price is $2.38 and its 200-day moving average price is $2.03.

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

OmniAb 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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