OmniAb (NASDAQ:OABI) CEO Matthew Foehr Sells 19,244 Shares

Key Points

• CEO Matthew Foehr sold 19,244 shares at an average price of $1.49 for roughly $28,674 to cover tax withholding, reducing his stake by 0.43% to 4,420,492 shares.
• OmniAb reported a quarterly earnings miss (EPS -$0.11 vs. -$0.08 expected) and revenue of $8.38M vs. $9.00M expected; the stock traded down 1.9% to $1.51 and carries a consensus "Hold" rating with a $4.50 price target.
• Institutional ownership is high at 72.08%, with notable activity including Millennium Management increasing its stake by 135.6%, Marshall Wace initiating a position, and Two Sigma adding shares.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) CEO Matthew Foehr sold 19,244 shares of the stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $1.49, for a total value of $28,673.56. Following the sale, the chief executive officer owned 4,420,492 shares in the company, valued at approximately $6,586,533.08. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

OmniAb Trading Down 1.9%

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

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.03). The firm had revenue of $8.38 million during the quarter, compared to analysts' expectations 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 expect that OmniAb, Inc. will post -0.61 EPS for the current year.

Hedge Funds Weigh In On OmniAb

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in OmniAb by 135.6% in the 4th quarter. Millennium Management LLC now owns 673,395 shares of the company's stock worth $1,246,000 after purchasing an additional 387,594 shares during the period. Marshall Wace LLP bought a new position in OmniAb in the 2nd quarter worth $626,000. Two Sigma Investments LP raised its holdings in OmniAb by 25.9% in the 3rd quarter. Two Sigma Investments LP now owns 291,735 shares of the company's stock worth $467,000 after purchasing an additional 60,047 shares during the period. Bridgeway Capital Management LLC raised its holdings in OmniAb by 29.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 198,900 shares of the company's stock worth $368,000 after purchasing an additional 45,000 shares during the period. Finally, Arbiter Partners Capital Management LLC raised its holdings in OmniAb by 20.0% in the 4th quarter. Arbiter Partners Capital Management LLC now owns 192,585 shares of the company's stock worth $356,000 after purchasing an additional 32,056 shares during the period. 72.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OABI. Weiss Ratings restated a "sell (e+)" rating on shares of OmniAb in a research note on Monday, December 22nd. Benchmark restated a "buy" rating on shares of OmniAb in a research note on Friday, March 6th. Finally, Wall Street Zen upgraded OmniAb from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target 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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