HC Wainwright Reiterates Buy Rating for OmniAb (NASDAQ:OABI)

Key Points

• HC Wainwright reiterated a Buy rating on OmniAb with an $11 price target, implying roughly 180% upside from the prior close; MarketBeat’s overall consensus rating remains Hold.
• OmniAb shares rose 16.2% to $3.93 in heavy trading, while the company’s latest quarterly results exceeded expectations, reporting a $0.05 per-share loss versus an estimated $0.12 loss and $13.41 million in revenue versus a $4.69 million forecast.
• Institutional ownership stands at 72.08%, with several investment firms recently initiating or increasing positions in the biotechnology company.

OmniAb (NASDAQ:OABI - Get Free Report)'s stock had its "buy" rating restated by HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $11.00 price target on the stock. HC Wainwright's target price would suggest a potential upside of 180.11% from the stock's previous close.

Separately, Weiss Ratings lowered OmniAb from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, OmniAb has a consensus rating of "Hold" and a consensus target price of $11.00.

OmniAb Trading Up 16.2%

OmniAb stock traded up $0.55 during trading on Monday, hitting $3.93. The company had a trading volume of 14,890,130 shares, compared to its average volume of 643,978. OmniAb has a 1-year low of $1.30 and a 1-year high of $4.29. The company's 50 day simple moving average is $2.35 and its 200-day simple moving average is $2.01. The stock has a market cap of $568.55 million, a price-to-earnings ratio of -11.01 and a beta of 0.45.

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

Institutional Trading of OmniAb

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new position in OmniAb during the first quarter worth approximately $25,000. Legal & General Group Plc acquired a new stake in shares of OmniAb in the second quarter valued at approximately $28,000. Osaic Holdings Inc. grew its position in shares of OmniAb by 214.4% during the second quarter. Osaic Holdings Inc. now owns 14,247 shares of the company's stock worth $25,000 after acquiring an additional 9,716 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of OmniAb during the second quarter worth approximately $37,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of OmniAb by 92.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company's stock valued at $35,000 after acquiring an additional 10,438 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.

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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