Kurt Gustafson Sells 6,913 Shares of OmniAb (NASDAQ:OABI) Stock

Key Points

• CFO Kurt Gustafson sold 6,913 shares on April 7 at an average price of $1.49 for about $10,300, reducing his stake by 2.58% to 261,483 shares; the sale was disclosed to the SEC and was made to cover tax withholding related to vesting equity awards.
• OmniAb shares traded at $1.51 (down $0.03) with a market cap of $218.6M, and the company missed expectations last quarter with EPS of ($0.11) versus ($0.08) expected and revenue of $8.38M versus $9.00M, showing negative margins and ROE.
• Analysts’ consensus is a Hold with an average target price of $4.50 (two Buys, one Sell), and institutional investors own about 72% of the company’s stock.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) CFO Kurt Gustafson sold 6,913 shares of the company's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $1.49, for a total transaction of $10,300.37. Following the sale, the chief financial officer directly owned 261,483 shares in the company, valued at $389,609.67. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

OmniAb Stock Performance

OmniAb stock traded down $0.03 during trading hours on Tuesday, hitting $1.51. 372,768 shares of the stock were exchanged, compared to its average volume of 305,484. The stock has a market capitalization of $218.62 million, a P/E ratio of -2.65 and a beta of 0.17. OmniAb, Inc. has a 12 month low of $1.22 and a 12 month high of $2.30. The business's 50-day moving average is $1.74 and its two-hundred day moving average is $1.76.

OmniAb (NASDAQ:OABI - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The firm had revenue of $8.38 million for the quarter, compared to the consensus estimate of $9.00 million. OmniAb had a negative return on equity of 23.99% and a negative net margin of 347.04%. On average, equities analysts predict that OmniAb, Inc. will post -0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On OmniAb

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of OmniAb during the first quarter worth approximately $25,000. Osaic Holdings Inc. lifted 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 purchasing an additional 9,716 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of OmniAb by 92.5% during the third quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company's stock worth $35,000 after purchasing an additional 10,438 shares in the last quarter. Cerity Partners LLC lifted its position in shares of OmniAb by 111.5% during the second quarter. Cerity Partners LLC now owns 22,612 shares of the company's stock worth $39,000 after purchasing an additional 11,919 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of OmniAb by 96.6% during the fourth quarter. SG Americas Securities LLC now owns 23,141 shares of the company's stock worth $43,000 after purchasing an additional 11,369 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OABI has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of OmniAb in a research note on Monday, December 22nd. Benchmark reiterated a "buy" rating on shares of OmniAb in a research report on Friday, March 6th. Finally, Wall Street Zen upgraded shares of OmniAb from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, OmniAb presently has a consensus rating of "Hold" and an average target price of $4.50.

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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