OmniAb (NASDAQ:OABI) Sees Large Volume Increase - What's Next?

Key Points

• OmniAb shares experienced a major volume surge, with about 2.53 million shares traded—194% above the prior session—while the stock fell 2.7% to $4.825.
• Analyst sentiment remains generally positive: three analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $11.50.
• The company recently beat quarterly expectations, reporting a loss of $0.05 per share versus the expected $0.12 loss and revenue of $13.41 million versus $4.69 million expected; institutional investors own 72.08% of the stock.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) shares saw unusually-high trading volume on Wednesday. Approximately 2,528,665 shares were traded during mid-day trading, an increase of 194% from the previous session's volume of 861,331 shares. The stock last traded at $4.8250 and had previously closed at $4.96.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OABI. Weiss Ratings raised shares of OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 price objective on shares of OmniAb in a report on Monday, August 17th. Finally, Leerink Partners increased their price objective on shares of OmniAb from $10.00 to $12.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, OmniAb presently has an average rating of "Moderate Buy" and a consensus target price of $11.50.

OmniAb Stock Down 2.7%

The company has a 50-day moving average price of $4.48 and a 200-day moving average price of $2.94. The firm has a market capitalization of $698.56 million, a price-to-earnings ratio of -13.40 and a beta of 0.60.

OmniAb (NASDAQ:OABI - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The firm had revenue of $13.41 million for the quarter, compared to analysts' expectations of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. As a group, analysts forecast that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. State Street Corp raised its holdings in shares of OmniAb by 3.2% during the second quarter. State Street Corp now owns 2,133,549 shares of the company's stock worth $5,249,000 after acquiring an additional 66,406 shares in the last quarter. Squarepoint Ops LLC lifted its stake in shares of OmniAb by 252.4% in the second quarter. Squarepoint Ops LLC now owns 35,357 shares of the company's stock worth $87,000 after buying an additional 25,325 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in shares of OmniAb in the second quarter valued at about $39,000. Bank of America Corp DE bought a new position in OmniAb in the 2nd quarter worth approximately $368,000. Finally, ADAR1 Capital Management LLC acquired a new position in OmniAb during the 2nd quarter valued at $2,331,000. 72.08% of the stock is owned by institutional investors and hedge funds.

OmniAb Company Profile

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company's technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.

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