OmniAb (NASDAQ:OABI) Shares Up 5.8% - What's Next?

Key Points

• OmniAb shares rose 5.8% to $4.93, with trading volume 24% above its average. The stock remains below the $11.00 consensus price target.
• Analyst sentiment is mixed: two analysts rate the stock Buy and one rates it Sell, resulting in an overall Hold consensus. HC Wainwright reaffirmed its Buy rating and $11.00 price target.
• OmniAb reported a quarterly loss of $0.05 per share, beating estimates for a $0.12 loss, while revenue of $13.41 million exceeded the $4.69 million consensus forecast. Institutional investors own approximately 72.1% of the company.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s share price shot up 5.8% during trading on Wednesday . The company traded as high as $4.93 and last traded at $4.93. 902,532 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 727,891 shares. The stock had previously closed at $4.66.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. HC Wainwright reissued a "buy" rating and set a $11.00 price objective on shares of OmniAb in a report on Monday, August 17th. Weiss Ratings raised 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.00.

OmniAb Stock Performance

The stock has a market capitalization of $709.42 million, a PE ratio of -13.61 and a beta of 0.45. The business's 50-day moving average price is $2.63 and its 200 day moving average price is $2.13.

OmniAb (NASDAQ:OABI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) 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 company had revenue of $13.41 million for the quarter, compared to the consensus estimate of $4.69 million. As a group, equities research analysts predict that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Institutional Trading of OmniAb

Large investors have recently modified their holdings of the business. Two Sigma Securities LLC bought a new position in shares of OmniAb in the second quarter worth approximately $39,000. Bank of America Corp DE purchased a new position in OmniAb in the 2nd quarter worth approximately $368,000. ADAR1 Capital Management LLC purchased a new position in OmniAb in the 2nd quarter worth approximately $2,331,000. Whitefort Capital Management LP bought a new position in shares of OmniAb in the 2nd quarter worth $25,211,699,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of OmniAb in the 2nd quarter worth $37,000. Institutional investors own 72.08% of the company's stock.

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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