OmniAb (NASDAQ:OABI) Stock Price Up 1.4% - Here's What Happened

Key Points

• OmniAb shares rose 1.4% on Tuesday, trading between $2.11 and $2.21 on lighter-than-average volume.
• Analyst sentiment remains mixed: Weiss Ratings slightly upgraded its view, while MarketBeat shows an average Hold rating with a $3.00 target price.
• The company recently beat quarterly expectations, reporting a smaller-than-expected loss of $0.06 per share and revenue of $14.43 million, well above the $5.60 million consensus.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s share price shot up 1.4% during trading on Tuesday . The stock traded as high as $2.21 and last traded at $2.14. 545,976 shares changed hands during trading, a decline of 12% from the average session volume of 620,178 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $3.00.

OmniAb Stock Up 1.4%

The firm has a market capitalization of $309.83 million, a P/E ratio of -4.65 and a beta of 0.43. The company's 50 day moving average is $2.31 and its 200-day moving average is $1.94.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. OmniAb had a negative net margin of 187.59% and a negative return on equity of 20.31%. The firm had revenue of $14.43 million during the quarter, compared to the consensus estimate of $5.60 million. On average, analysts predict that OmniAb, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Trading of OmniAb

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in OmniAb by 20.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company's stock worth $78,000 after purchasing an additional 7,624 shares in the last quarter. Rhumbline Advisers lifted its position 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 buying an additional 9,163 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of OmniAb by 214.4% in the 2nd quarter. Osaic Holdings Inc. now owns 14,247 shares of the company's stock worth $25,000 after buying an additional 9,716 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of OmniAb in the 1st quarter worth approximately $25,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of OmniAb by 92.5% in the third 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 in the last quarter. 72.08% of the stock is owned by institutional investors.

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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