OmniAb (NASDAQ:OABI) Price Target Lowered to $3.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for OmniAb (NASDAQ: OABI) from $4.00 to $3.00, while maintaining an "outperform" rating which suggests a potential upside of 60.51% from the current stock price.
• Benchmark has issued a "buy" rating for OmniAb with a target price of $6.00, indicating a more optimistic outlook compared to Royal Bank of Canada's assessment.
• OmniAb recently reported a quarterly EPS of ($0.15) which missed analyst expectations, and the company has a negative net margin of 229.11% and a market cap of $228.28 million.

OmniAb (NASDAQ:OABI - Get Free Report) had its price target reduced by stock analysts at Royal Bank Of Canada from $4.00 to $3.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 60.51% from the stock's current price.

Separately, Benchmark reiterated a "buy" rating and issued a $6.00 target price on shares of OmniAb in a report on Monday, May 12th.

OmniAb Trading Down 3.2%

OABI stock traded down $0.06 on Thursday, hitting $1.87. The company had a trading volume of 1,248,646 shares, compared to its average volume of 792,657. The stock has a market cap of $228.28 million, a price-to-earnings ratio of -3.22 and a beta of 0.16. OmniAb has a 12-month low of $1.22 and a 12-month high of $4.87. The stock's 50-day simple moving average is $1.80 and its 200 day simple moving average is $2.29.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). The business had revenue of $3.90 million for the quarter, compared to the consensus estimate of $5.33 million. OmniAb had a negative net margin of 229.11% and a negative return on equity of 21.37%. Research analysts forecast that OmniAb will post -0.61 earnings per share for the current year.

Insider Activity

In related news, Director John L. Higgins purchased 65,000 shares of OmniAb stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $1.44 per share, with a total value of $93,600.00. Following the completion of the transaction, the director directly owned 2,831,887 shares in the company, valued at approximately $4,077,917.28. The trade was a 2.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Love bought 25,000 shares of the stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average cost of $1.46 per share, for a total transaction of $36,500.00. Following the acquisition, the director owned 38,333 shares of the company's stock, valued at approximately $55,966.18. This represents a 187.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OmniAb

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in shares of OmniAb by 3.3% in the 4th quarter. Invesco Ltd. now owns 93,653 shares of the company's stock valued at $332,000 after purchasing an additional 2,997 shares in the last quarter. Connors Investor Services Inc. lifted its holdings in OmniAb by 18.4% during the 4th quarter. Connors Investor Services Inc. now owns 29,611 shares of the company's stock worth $105,000 after buying an additional 4,611 shares during the last quarter. Sherbrooke Park Advisers LLC lifted its holdings in shares of OmniAb by 53.5% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company's stock worth $61,000 after purchasing an additional 6,001 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of OmniAb by 29.9% during the fourth quarter. ProShare Advisors LLC now owns 31,724 shares of the company's stock valued at $112,000 after purchasing an additional 7,302 shares during the period. Finally, Murchinson Ltd. lifted its holdings in OmniAb by 0.8% in the first 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 during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

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.

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