OmniAb (NASDAQ:OABI) Shares Down 9.7% - Should You Sell?

Key Points

• OmniAb shares fell 9.7% to about $4.44, with trading volume 73% below the average session level.
• Analyst sentiment is mixed: two analysts rate the stock a Buy and one rates it a Sell, producing a consensus Hold rating and an average price target of $11.00.
• The company exceeded quarterly expectations, reporting a $0.05 loss per share versus the forecasted $0.12 loss and revenue of $13.41 million versus $4.69 million expected, though it remains unprofitable with a negative net margin.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s stock price fell 9.7% on Tuesday. The company traded as low as $4.54 and last traded at $4.4410. Approximately 227,547 shares were traded during trading, a decline of 73% from the average session volume of 832,382 shares. The stock had previously closed at $4.92.

Analysts Set New Price Targets

A number of brokerages have recently commented on OABI. HC Wainwright reissued a "buy" rating and set a $11.00 price target on shares of OmniAb in a report on Monday, August 17th. Weiss Ratings raised OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. Two 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, the stock has a consensus rating of "Hold" and an average target price of $11.00.

OmniAb Stock Down 9.0%

The company has a 50-day moving average price of $3.97 and a 200-day moving average price of $2.70. The company has a market capitalization of $647.89 million, a price-to-earnings ratio of -12.49 and a beta of 0.60.

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

Hedge Funds Weigh In On OmniAb

Several large investors have recently made changes to their positions in OABI. Whitefort Capital Management LP acquired a new position in OmniAb in the second quarter valued at about $25,211,699. BlackRock Inc. bought a new stake in OmniAb during the 2nd quarter worth about $21,888,000. Rice Hall James & Associates LLC bought a new position in OmniAb in the second quarter valued at approximately $6,422,000. State Street Corp grew its stake in shares of OmniAb by 3.2% in the second 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. Finally, ADAR1 Capital Management LLC bought a new position in shares of OmniAb in the 2nd quarter valued at about $2,331,000. Institutional investors and hedge funds own 72.08% of the company's stock.

About OmniAb

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.