OmniAb (NASDAQ:OABI) Shares Gap Down - Here's What Happened

Key Points

• OmniAb shares fell 6.6%, opening at $4.40 versus a previous close of $5.23, and last trading near $4.57 on volume of 285,728 shares.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $11.50; Leerink Partners raised its target to $12, while HC Wainwright maintained an $11 target.
• OmniAb modestly beat quarterly expectations, reporting a $0.12 loss per share versus a $0.13 expected loss and $3.99 million in revenue versus $3.49 million estimated. Hedge funds and other institutions own approximately 72.08% of the stock.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) gapped down prior to trading on Friday. The stock had previously closed at $5.23, but opened at $4.40. OmniAb shares last traded at $4.5740, with a volume of 285,728 shares.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OABI shares. Leerink Partners upped their target price on OmniAb from $10.00 to $12.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 7th. HC Wainwright reiterated a "buy" rating and set a $11.00 target price on shares of OmniAb in a research report on Monday, August 17th. Finally, Weiss Ratings raised 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 company. Based on data from MarketBeat, OmniAb has a consensus rating of "Moderate Buy" and an average price target of $11.50.

OmniAb Stock Down 6.6%

The company has a market cap of $707.11 million, a P/E ratio of -13.46 and a beta of 0.60. The business has a fifty day moving average of $4.64 and a 200 day moving average of $2.69.

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings results on Friday, October 30th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. The company had revenue of $3.99 million for the quarter, compared to analyst estimates of $3.49 million. On average, sell-side analysts anticipate that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On OmniAb

A number of hedge funds have recently added to or reduced their stakes in OABI. Mirae Asset Global Investments Co. Ltd. purchased a new stake in OmniAb during the third quarter valued at approximately $37,000. Legal & General Group Plc purchased a new position in OmniAb during the second quarter valued at $28,000. Canada Pension Plan Investment Board purchased a new position in shares of OmniAb during the 2nd quarter valued at about $37,000. Two Sigma Securities LLC bought a new position in shares of OmniAb during the 2nd quarter valued at approximately $39,000. Finally, State of Wyoming increased its holdings in OmniAb by 101.7% in the 1st quarter. State of Wyoming now owns 24,694 shares of the company's stock worth $39,000 after acquiring an additional 12,451 shares in the last quarter. 72.08% of the stock is currently owned by hedge funds and other 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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