OmniAb (NASDAQ:OABI) Sees Unusually-High Trading Volume - Here's Why

Key Points

• OmniAb shares experienced elevated trading activity, with 659,457 shares changing hands and the stock rising to $3.945 from a prior close of $3.82.
• Analyst sentiment remains mixed: HC Wainwright maintained a Buy rating with an $11 price target, while Weiss Ratings downgraded the stock to Sell. Overall, analysts have a Hold consensus and an average price target of $11.
• OmniAb exceeded quarterly expectations, reporting an adjusted loss of $0.05 per share versus the estimated $0.12 loss and revenue of $13.41 million versus the $4.69 million consensus estimate. Institutional investors own 72.08% of the company.

Shares of OmniAb, Inc. (NASDAQ:OABI - Get Free Report) saw strong trading volume on Tuesday . 659,457 shares were traded during mid-day trading, a decline of 1% from the previous session's volume of 665,467 shares.The stock last traded at $3.9450 and had previously closed at $3.82.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OABI. Weiss Ratings downgraded shares of OmniAb from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 6th. HC Wainwright reissued a "buy" rating and set a $11.00 price objective on shares of OmniAb in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $11.00.

OmniAb Price Performance

The firm has a market capitalization of $562.62 million, a price-to-earnings ratio of -10.79 and a beta of 0.45. The stock has a fifty day moving average of $2.38 and a two-hundred day moving average of $2.03.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.07. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%.The business had revenue of $13.41 million during the quarter, compared to analyst estimates of $4.69 million. On average, research analysts forecast that OmniAb, Inc. will post -0.35 EPS for the current year.

Hedge Funds Weigh In On OmniAb

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Whitefort Capital Management LP acquired a new stake in OmniAb in the second quarter worth $25,211,699,000. BlackRock Inc. bought a new position in shares of OmniAb during the 2nd quarter worth about $21,888,000. Woodline Partners LP bought a new position in shares of OmniAb during the 3rd quarter worth about $4,571,000. Rice Hall James & Associates LLC acquired a new stake in shares of OmniAb in the 2nd quarter valued at about $6,422,000. Finally, Kent Lake PR LLC grew its stake in shares of OmniAb by 677.8% in the 2nd quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company's stock valued at $3,045,000 after buying an additional 1,525,000 shares during the period. 72.08% of the stock is owned by institutional investors and hedge funds.

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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