OmniAb (NASDAQ:OABI) Sets New 1-Year High - Time to Buy?

Key Points

• OmniAb shares reached a new 52-week high, trading as high as $3.43 and last quoted at $3.4750, up 2.8% from the prior close.
• The company beat quarterly expectations, reporting a loss of $0.05 per share versus the expected $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; Weiss Ratings downgraded the stock from “sell (d-)” to “sell (e+).” Institutional investors own 72.08% of the company.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $3.43 and last traded at $3.4750, with a volume of 178209 shares changing hands. The stock had previously closed at $3.39.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of OmniAb from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold".

OmniAb Stock Up 2.8%

The stock has a market capitalization of $504.70 million, a price-to-earnings ratio of -9.71 and a beta of 0.45. The business's 50-day moving average is $2.28 and its two-hundred day moving average is $1.97.

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.07. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. The company had revenue of $13.41 million during the quarter, compared to the consensus estimate of $4.69 million. As a group, analysts forecast that OmniAb, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On OmniAb

Several hedge funds and other institutional investors have recently made changes to their positions in OABI. The Manufacturers Life Insurance Company boosted its stake in OmniAb by 20.5% during the second quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company's stock worth $78,000 after buying an additional 7,624 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of OmniAb by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company's stock worth $280,000 after acquiring an additional 9,163 shares during the period. Osaic Holdings Inc. raised its holdings in shares of 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 acquiring an additional 9,716 shares during the period. AQR Capital Management LLC acquired a new position in shares of OmniAb during the 1st quarter valued at about $25,000. Finally, BNP Paribas Financial Markets boosted its position in shares of OmniAb by 92.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company's stock valued at $35,000 after acquiring an additional 10,438 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source