OmniAb (NASDAQ:OABI) Reaches New 1-Year High - What's Next?

Key Points

• OmniAb shares surged 20.7%, reaching a new 52-week high of $3.95 during Monday trading, with trading volume exceeding 6.4 million shares.
• The biotechnology company exceeded quarterly expectations, reporting an adjusted loss of $0.05 per share versus the projected $0.12 loss and revenue of $13.41 million versus the $4.69 million consensus estimate.
• Analyst sentiment remains mixed, with one Buy and one Sell rating producing a consensus “Hold” rating; institutional investors and hedge funds own approximately 72.08% of the stock.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $3.95 and last traded at $4.0170, with a volume of 6433629 shares. The stock had previously closed at $3.38.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered OmniAb from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, OmniAb has a consensus rating of "Hold".

OmniAb Trading Up 20.7%

The stock has a market capitalization of $590.70 million, a price-to-earnings ratio of -11.15 and a beta of 0.45. The company's 50 day moving average is $2.35 and its 200 day moving average is $2.01.

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.07. The company had revenue of $13.41 million during the quarter, compared to the consensus estimate of $4.69 million. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. Analysts anticipate that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Trading of OmniAb

A number of large investors have recently made changes to their positions in OABI. Whitefort Capital Management LP acquired a new position in OmniAb in the second quarter valued at $25,211,699,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of OmniAb in the second quarter valued at approximately $178,000. BlackRock Inc. acquired a new position in shares of OmniAb in the second quarter valued at approximately $21,888,000. Deutsche Bank AG purchased a new stake in shares of OmniAb during the second quarter worth approximately $248,000. Finally, Rice Hall James & Associates LLC purchased a new stake in shares of OmniAb during the second quarter worth approximately $6,422,000. 72.08% of the stock is owned by institutional investors and hedge funds.

About OmniAb

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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