OmniAb, Inc. (NASDAQ:OABI) Sees Significant Drop in Short Interest

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) saw a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 7,250,000 shares, a decline of 15.8% from the April 30th total of 8,610,000 shares. Based on an average trading volume of 921,600 shares, the short-interest ratio is presently 7.9 days. Approximately 7.4% of the shares of the stock are short sold.

Insider Transactions at OmniAb

In other OmniAb news, Director Steven Love bought 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average price of $1.46 per share, for a total transaction of $36,500.00. Following the transaction, the director now directly owns 38,333 shares in the company, valued at $55,966.18. This trade represents a 187.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Higgins bought 125,750 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $2.35 per share, for a total transaction of $295,512.50. Following the transaction, the director now owns 2,762,887 shares in the company, valued at $6,492,784.45. This trade represents a 4.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 215,750 shares of company stock valued at $425,613 and sold 38,551 shares valued at $81,528. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OABI. SG Americas Securities LLC raised its position in OmniAb by 16.5% in the fourth quarter. SG Americas Securities LLC now owns 40,609 shares of the company's stock worth $144,000 after acquiring an additional 5,751 shares during the period. Choreo LLC purchased a new stake in shares of OmniAb in the fourth quarter worth $41,000. Charles Schwab Investment Management Inc. increased its stake in shares of OmniAb by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 819,708 shares of the company's stock worth $2,902,000 after purchasing an additional 32,186 shares in the last quarter. Isthmus Partners LLC grew its stake in OmniAb by 1.6% during the fourth quarter. Isthmus Partners LLC now owns 453,135 shares of the company's stock valued at $1,604,000 after acquiring an additional 7,001 shares in the last quarter. Finally, Royce & Associates LP grew its stake in OmniAb by 438.6% during the fourth quarter. Royce & Associates LP now owns 707,080 shares of the company's stock valued at $2,503,000 after acquiring an additional 575,796 shares in the last quarter. Institutional investors own 72.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OABI. Benchmark reiterated a "buy" rating and issued a $6.00 target price on shares of OmniAb in a research report on Monday, May 12th. Royal Bank of Canada decreased their price objective on shares of OmniAb from $7.00 to $4.00 and set an "outperform" rating on the stock in a research report on Thursday, March 27th. Finally, HC Wainwright restated a "buy" rating and issued a $11.00 price objective on shares of OmniAb in a research report on Wednesday, March 19th.

OmniAb Stock Performance

Shares of NASDAQ OABI traded down $0.02 during midday trading on Thursday, hitting $1.38. 801,143 shares of the company traded hands, compared to its average volume of 637,853. OmniAb has a 12-month low of $1.22 and a 12-month high of $4.96. The stock has a 50-day moving average price of $1.71 and a 200 day moving average price of $2.86. The firm has a market cap of $168.55 million, a P/E ratio of -2.23 and a beta of 0.10.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). The business had revenue of $4.15 million for the quarter, compared to analyst estimates of $4.49 million. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. As a group, equities analysts expect that OmniAb will post -0.61 earnings per share for the current 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.