OmniAb, Inc. (NASDAQ:OABI) Sees Large Decrease in Short Interest

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) was the recipient of a significant decline in short interest in 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 daily volume of 921,600 shares, the days-to-cover ratio is currently 7.9 days. Approximately 7.4% of the company's shares are short sold.

Insider Activity at OmniAb

In related news, CEO Matthew W. Foehr sold 19,382 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $2.00, for a total transaction of $38,764.00. Following the sale, the chief executive officer now directly owns 3,796,236 shares in the company, valued at $7,592,472. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven Love bought 25,000 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was purchased at an average price of $1.46 per share, for a total transaction of $36,500.00. Following the purchase, the director now directly owns 38,333 shares in the company, valued at approximately $55,966.18. This represents a 187.50% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 215,750 shares of company stock worth $425,613 and sold 38,551 shares worth $81,528. Corporate insiders own 8.60% of the company's stock.

Institutional Trading of OmniAb

Several institutional investors have recently added to or reduced their stakes in OABI. ProShare Advisors LLC lifted its position in shares of OmniAb by 29.9% in the 4th quarter. ProShare Advisors LLC now owns 31,724 shares of the company's stock worth $112,000 after purchasing an additional 7,302 shares during the period. JPMorgan Chase & Co. grew its stake in OmniAb by 582.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company's stock worth $3,546,000 after purchasing an additional 854,929 shares during the period. Geode Capital Management LLC lifted its position in shares of OmniAb by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company's stock valued at $8,333,000 after acquiring an additional 28,061 shares during the period. Choreo LLC acquired a new stake in OmniAb in the fourth quarter worth $41,000. Finally, Barclays PLC grew its stake in shares of OmniAb by 14.7% in the 4th quarter. Barclays PLC now owns 164,315 shares of the company's stock valued at $582,000 after buying an additional 21,100 shares during the period. 72.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

OmniAb Stock Up 8.7%

Shares of OABI stock traded up $0.12 on Friday, reaching $1.50. The company had a trading volume of 1,425,491 shares, compared to its average volume of 640,991. The business's 50-day moving average is $1.69 and its 200 day moving average is $2.84. The stock has a market capitalization of $183.20 million, a PE ratio of -2.42 and a beta of -0.03. OmniAb has a one year low of $1.22 and a one year high of $4.96.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). The firm had revenue of $4.15 million for the quarter, compared to the consensus estimate of $4.49 million. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. On average, sell-side analysts forecast that OmniAb 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.