Royal Bank Of Canada Issues Pessimistic Forecast for OmniAb (NASDAQ:OABI) Stock Price

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 - Free Report) had its price target reduced by Royal Bank Of Canada from $4.00 to $3.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

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

OmniAb Stock Performance

OABI traded down $0.01 on Thursday, hitting $1.96. The company had a trading volume of 248,457 shares, compared to its average volume of 791,251. The stock has a fifty day moving average price of $1.82 and a 200-day moving average price of $2.26. OmniAb has a 12-month low of $1.22 and a 12-month high of $4.87. The stock has a market capitalization of $239.38 million, a price-to-earnings ratio of -3.27 and a beta of 0.16.

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

Insider Buying and Selling at OmniAb

In other OmniAb news, Director Steven Love purchased 25,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average price of $1.46 per share, for a total transaction of $36,500.00. Following the completion of the purchase, the director owned 38,333 shares of the company's stock, valued at approximately $55,966.18. The trade was a 187.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.60% of the company's stock.

Institutional Investors Weigh In On OmniAb

Large investors have recently modified their holdings of the business. AQR Capital Management LLC purchased a new stake in shares of OmniAb during the first quarter worth about $25,000. Cerity Partners LLC acquired a new stake in shares of OmniAb during the first quarter worth about $26,000. Hsbc Holdings PLC acquired a new stake in shares of OmniAb during the fourth quarter worth about $38,000. PNC Financial Services Group Inc. lifted its holdings in shares of OmniAb by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company's stock worth $39,000 after purchasing an additional 11,986 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of OmniAb during the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

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.