OmniAb's (OABI) "Buy" Rating Reiterated at Benchmark

OmniAb (NASDAQ:OABI - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Benchmark in a note issued to investors on Monday,Benzinga reports. They presently have a $6.00 price objective on the stock. Benchmark's price target indicates a potential upside of 279.75% from the company's previous close.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada reduced their price target on shares of OmniAb from $7.00 to $4.00 and set an "outperform" rating on the stock in a report on Thursday, March 27th. HC Wainwright reiterated a "buy" rating and set a $11.00 target price on shares of OmniAb in a report on Wednesday, March 19th.

OmniAb Stock Up 1.9%

NASDAQ OABI traded up $0.03 during mid-day trading on Monday, hitting $1.58. The stock had a trading volume of 1,157,542 shares, compared to its average volume of 623,223. The company has a 50 day simple moving average of $2.06 and a 200 day simple moving average of $3.12. The company has a market cap of $192.97 million, a price-to-earnings ratio of -2.55 and a beta of 0.10. OmniAb has a 52-week low of $1.35 and a 52-week high of $4.96.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.17) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.17). OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The business had revenue of $4.15 million during the quarter, compared to analysts' expectations of $4.49 million. As a group, equities analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Activity at OmniAb

In other OmniAb news, CEO Matthew W. Foehr sold 13,964 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total transaction of $51,387.52. Following the transaction, the chief executive officer now owns 3,798,682 shares of the company's stock, valued at $13,979,149.76. This trade represents a 0.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charles S. Berkman sold 8,215 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total value of $30,231.20. Following the sale, the insider now directly owns 364,131 shares in the company, valued at approximately $1,340,002.08. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 215,750 shares of company stock valued at $425,613 and sold 67,985 shares valued at $189,773. 8.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC acquired a new stake in OmniAb during the first quarter worth about $25,000. Cerity Partners LLC bought a new stake in shares of OmniAb in the 1st quarter worth approximately $26,000. Hsbc Holdings PLC bought a new stake in shares of OmniAb in the 4th quarter worth approximately $38,000. PNC Financial Services Group Inc. boosted its position in OmniAb by 279.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company's stock valued at $39,000 after purchasing an additional 11,986 shares during the period. Finally, Choreo LLC bought a new position in OmniAb during the 4th quarter worth $41,000. 72.08% of the stock is owned by institutional investors and hedge funds.

About OmniAb

OmniAb, Inc, a biotechnology company, engages in the discovery and provision of therapeutic antibody discovery technologies in the United States. The company's technology platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts.