OmniAb (NASDAQ:OABI) Shares Down 2.8% - Here's What Happened

Key Points

• Shares fell 2.8% to $1.40 on Tuesday, trading as low as $1.395 with volume down about 42% to 315,908 shares versus the average of 548,394.
• OmniAb reported a quarterly miss — EPS ($0.11) versus ($0.08) expected and revenue $8.38M vs. $9.00M — and the company shows a negative net margin and negative return on equity.
• Analysts have an average rating of Hold with a consensus target of $4.50, and CEO Matthew Foehr sold 19,244 shares to cover tax withholding (insiders own 8.60% of the stock).

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s stock price fell 2.8% on Tuesday . The stock traded as low as $1.3950 and last traded at $1.40. 315,908 shares traded hands during trading, a decline of 42% from the average session volume of 548,394 shares. The stock had previously closed at $1.44.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OABI. Wall Street Zen upgraded OmniAb from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Benchmark reiterated a "buy" rating on shares of OmniAb in a report on Friday, March 6th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $4.50.

OmniAb Stock Performance

The stock has a 50-day moving average of $1.66 and a 200-day moving average of $1.74. The firm has a market cap of $202.69 million, a price-to-earnings ratio of -2.46 and a beta of 0.17.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results on Wednesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.03). OmniAb had a negative net margin of 347.04% and a negative return on equity of 23.99%. The firm had revenue of $8.38 million during the quarter, compared to analyst estimates of $9.00 million. Sell-side analysts predict that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at OmniAb

In related news, CEO Matthew W. Foehr sold 19,244 shares of OmniAb stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $1.49, for a total value of $28,673.56. Following the sale, the chief executive officer owned 4,420,492 shares of the company's stock, valued at approximately $6,586,533.08. This trade represents a 0.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 117,703 shares of company stock valued at $193,597. 8.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new position in shares of OmniAb during the 1st quarter worth approximately $25,000. Osaic Holdings Inc. increased its position 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 purchasing an additional 9,716 shares during the last quarter. BNP Paribas Financial Markets increased 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 worth $35,000 after purchasing an additional 10,438 shares during the last quarter. Cerity Partners LLC increased its position in shares of OmniAb by 111.5% during the 2nd quarter. Cerity Partners LLC now owns 22,612 shares of the company's stock worth $39,000 after purchasing an additional 11,919 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of OmniAb by 96.6% during the 4th quarter. SG Americas Securities LLC now owns 23,141 shares of the company's stock worth $43,000 after purchasing an additional 11,369 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

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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