OmniAb (NASDAQ:OABI) Sets New 12-Month High - Time to Buy?

Key Points

• OmniAb shares hit a new 52-week high, reaching $5.43 before settling at $5.04, up from the prior close of $4.44. Trading volume exceeded 5 million shares.
• Analyst sentiment is mixed: HC Wainwright maintained a Buy rating with an $11 price target, while another analyst maintained a Sell rating; the overall consensus is Hold with an average target of $11.
• OmniAb exceeded quarterly expectations, reporting a loss of $0.05 per share versus the anticipated $0.12 loss and revenue of $13.41 million versus the $4.69 million estimate. Institutional investors own approximately 72.08% of the company.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $5.43 and last traded at $5.04, with a volume of 5080122 shares traded. The stock had previously closed at $4.44.

Analyst Ratings Changes

OABI has been the topic of a number of research reports. HC Wainwright reaffirmed a "buy" rating and set a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded shares of OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $11.00.

OmniAb Price Performance

The stock's 50 day simple moving average is $2.91 and its two-hundred day simple moving average is $2.26. The firm has a market cap of $729.71 million, a P/E ratio of -14.00 and a beta of 0.61.

OmniAb (NASDAQ:OABI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates 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%. Equities research analysts anticipate that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Institutional Investors Weigh In On OmniAb

Hedge funds have recently added to or reduced their stakes in the stock. Whitefort Capital Management LP bought a new position in shares of OmniAb during the second quarter valued at $25,211,699. BlackRock Inc. purchased a new position in shares of OmniAb in the 2nd quarter worth about $21,888,000. Cadian Capital Management LP boosted its stake in OmniAb by 20.7% in the 4th quarter. Cadian Capital Management LP now owns 4,434,954 shares of the company's stock worth $8,205,000 after purchasing an additional 759,386 shares in the last quarter. Woodline Partners LP purchased a new stake in OmniAb during the 3rd quarter valued at about $4,571,000. Finally, Geode Capital Management LLC grew its position in OmniAb by 17.0% during the 4th quarter. Geode Capital Management LLC now owns 2,722,692 shares of the company's stock valued at $5,038,000 after purchasing an additional 396,456 shares during 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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