OmniAb (NASDAQ:OABI) Given "Sell (E+)" Rating at Weiss Ratings

Key Points

• OmniAb has received a "Sell (E+)" rating from Weiss Ratings, indicating a negative outlook on the company’s stock.
• Royal Bank Of Canada has lowered OmniAb's target price from $4.00 to $3.00, while the consensus target price remains at $6.67 among analysts.
• The company's recent earnings report showed a loss of ($0.15) earnings per share, missing estimates and reflecting ongoing financial challenges.

OmniAb (NASDAQ:OABI - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities research analysts at Weiss Ratings in a note issued to investors on Tuesday,Weiss Ratings reports.

Separately, Royal Bank Of Canada reduced their target price on OmniAb from $4.00 to $3.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.67.

OmniAb Stock Down 0.3%

Shares of NASDAQ OABI traded down $0.01 during mid-day trading on Tuesday, hitting $1.62. 235,893 shares of the company were exchanged, compared to its average volume of 725,586. The stock has a 50 day simple moving average of $1.71 and a 200-day simple moving average of $1.75. OmniAb has a 1-year low of $1.22 and a 1-year high of $4.87. The firm has a market cap of $232.50 million, a price-to-earnings ratio of -2.69 and a beta of 0.15.

OmniAb (NASDAQ:OABI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). OmniAb had a negative return on equity of 22.79% and a negative net margin of 275.83%.The company had revenue of $3.90 million for the quarter, compared to analyst estimates of $5.33 million. Analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in shares of OmniAb by 20.5% in the second quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company's stock valued at $78,000 after buying an additional 7,624 shares in the last quarter. Murchinson Ltd. increased its position in OmniAb by 0.8% during the 1st quarter. Murchinson Ltd. now owns 1,007,810 shares of the company's stock worth $2,419,000 after purchasing an additional 7,810 shares in the last quarter. Rhumbline Advisers increased its position in OmniAb by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company's stock worth $280,000 after purchasing an additional 9,163 shares in the last quarter. Osaic Holdings Inc. increased its position in OmniAb by 214.4% during the 2nd 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. Finally, AQR Capital Management LLC purchased a new stake in OmniAb during the 1st quarter worth about $25,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

About OmniAb

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.

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