OmniAb (NASDAQ:OABI) Sees Large Volume Increase - Still a Buy?

Key Points

• OmniAb shares rose to $5.125 from a prior close of $4.44, while trading volume reached 477,419 shares—36% below the previous session.
• Analyst sentiment is mixed: two analysts rate the stock Buy and one rates it Sell, resulting in a consensus Hold rating and an $11.00 price target.
• OmniAb beat quarterly expectations, reporting an adjusted loss of $0.05 per share versus the forecasted $0.12 loss and revenue of $13.41 million versus $4.69 million expected; institutional investors own 72.08% of the stock.

Shares of OmniAb, Inc. (NASDAQ:OABI - Get Free Report) saw unusually-high trading volume on Wednesday . 477,419 shares traded hands during mid-day trading, a decline of 36% from the previous session's volume of 741,787 shares.The stock last traded at $5.1250 and had previously closed at $4.44.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings raised OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 20th. HC Wainwright restated a "buy" rating and issued a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.00.

OmniAb Price Performance

The firm has a market cap of $713.04 million, a P/E ratio of -13.68 and a beta of 0.61. The firm's 50 day moving average is $2.86 and its 200 day moving average is $2.23.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $13.41 million during the quarter, compared to the consensus estimate of $4.69 million. As a group, analysts expect that OmniAb, Inc. will post -0.35 EPS for the current year.

Institutional Investors Weigh In On OmniAb

Several hedge funds have recently added to or reduced their stakes in OABI. Whitefort Capital Management LP purchased a new position in shares of OmniAb in the 2nd quarter worth about $25,211,699. BlackRock Inc. purchased a new stake in OmniAb during the 2nd quarter valued at about $21,888,000. Woodline Partners LP bought a new stake in OmniAb during the 3rd quarter valued at about $4,571,000. Rice Hall James & Associates LLC purchased a new position in OmniAb in the second quarter worth about $6,422,000. Finally, Kent Lake PR LLC lifted its stake in shares of OmniAb by 677.8% in the second quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company's stock worth $3,045,000 after buying an additional 1,525,000 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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