OmniAb (NASDAQ:OABI) Trading 5.3% Higher - What's Next?

Key Points

• OmniAb shares rose 5.3% to about $4.41 during Thursday trading, with volume below the stock’s average session volume. The stock remains well below the $11 consensus analyst price target.
• Analyst sentiment is mixed: HC Wainwright reiterated a Buy rating and $11 target, while Weiss Ratings downgraded the stock to Sell. Overall, analysts’ consensus rating is Hold.
• OmniAb beat quarterly expectations, reporting a loss of $0.05 per share versus the estimated $0.12 loss and revenue of $13.41 million versus $4.69 million expected. However, the company continues to post significant losses, including a negative net margin of 115.12%.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s stock price shot up 5.3% during trading on Thursday . The company traded as high as $4.51 and last traded at $4.4140. 585,975 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 694,747 shares. The stock had previously closed at $4.19.

Wall Street Analysts Forecast Growth

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

OmniAb Stock Performance

The stock has a market capitalization of $646.30 million, a P/E ratio of -12.40 and a beta of 0.45. The business has a fifty day simple moving average of $2.44 and a 200-day simple moving average of $2.06.

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $4.69 million. On average, sell-side analysts anticipate that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On OmniAb

Several institutional investors have recently made changes to their positions in OABI. Two Sigma Securities LLC bought a new position in shares of OmniAb during the 2nd quarter worth about $39,000. Bank of America Corp DE bought a new stake in OmniAb in the 2nd quarter valued at about $368,000. ADAR1 Capital Management LLC acquired a new position in OmniAb during the 2nd quarter worth approximately $2,331,000. Whitefort Capital Management LP acquired a new position in OmniAb during the 2nd quarter worth approximately $25,211,699,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of OmniAb during the second quarter valued at approximately $37,000. 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.

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