OmniAb (NASDAQ:OABI) Hits New 1-Year High - Still a Buy?

Key Points

• OmniAb shares reached a new 52-week high, trading as high as $5.45 and last at $5.36, up from the prior close of $5.03.
• Analysts give the stock a “Moderate Buy” consensus with an average price target of $11.50; recent targets include $12 from Leerink Partners and $11 from HC Wainwright.
• Quarterly results beat estimates: OmniAb reported an adjusted loss of $0.12 per share versus the $0.13 expected, and revenue of $3.99 million versus the $3.49 million consensus.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s share price hit a new 52-week high during trading on Monday. The company traded as high as $5.45 and last traded at $5.36, with a volume of 739,619 shares traded. The stock had previously closed at $5.03.

Wall Street Analysts Forecast Growth

OABI has been the subject of several recent research reports. Leerink Partners increased their price objective on OmniAb from $10.00 to $12.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Finally, Weiss Ratings upgraded shares of OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, OmniAb currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.50.

OmniAb Stock Performance

The business has a 50-day simple moving average of $4.70 and a 200 day simple moving average of $2.79. The firm has a market cap of $755.77 million, a P/E ratio of -15.35 and a beta of 0.60.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results on Friday, October 30th. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 16.74% and a negative net margin of 108.11%. The company had revenue of $3.99 million during the quarter, compared to the consensus estimate of $3.49 million. On average, research analysts expect that OmniAb, Inc. will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OABI. Russell Investments Group Ltd. lifted its stake in shares of OmniAb by 80.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 115,324 shares of the company's stock valued at $572,000 after purchasing an additional 51,541 shares during the period. International Assets Investment Management LLC purchased a new position in OmniAb during the third quarter valued at $90,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in OmniAb during the third quarter valued at $37,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of OmniAb by 15.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 26,528 shares of the company's stock valued at $126,000 after buying an additional 3,456 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of OmniAb by 3.2% during the 2nd quarter. State Street Corp now owns 2,133,549 shares of the company's stock valued at $5,249,000 after buying an additional 66,406 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors.

OmniAb Company Profile

OmniAb, Inc is a biotechnology company that develops and licenses antibody discovery technologies for use in drug research and development. Its platform is designed to help biopharmaceutical companies generate fully human and species-diverse antibodies that can be evaluated as potential treatments for a range of diseases.

The company's technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniMouse and OmniChicken, which are used to produce antibody candidates against challenging biological targets.

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