OmniAb (NASDAQ:OABI) Shares Up 7.6% - Here's Why

Key Points

• OmniAb shares rose 7.6% to about $5.05 during Tuesday trading, although volume was 78% below the stock’s average daily volume.
• Analyst sentiment is generally positive: three analysts rate the stock Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $11.50.
• The company exceeded quarterly expectations, reporting a loss of $0.05 per share versus the anticipated $0.12 loss and revenue of $13.41 million versus estimates of $4.69 million; institutional investors and hedge funds own 72.08% of the stock.

Shares of OmniAb, Inc. (NASDAQ:OABI - Get Free Report) were up 7.6% during trading on Tuesday. The stock traded as high as $4.99 and last traded at $5.0470. 186,093 shares changed hands during trading, a decline of 78% from the average daily volume of 846,666 shares. The stock had previously closed at $4.69.

Analyst Ratings Changes

A number of brokerages have weighed in on OABI. HC Wainwright reiterated a "buy" rating and issued 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 research report on Thursday, August 20th. Finally, Leerink Partners raised their price objective on OmniAb from $10.00 to $12.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, OmniAb presently has an average rating of "Moderate Buy" and a consensus target price of $11.50.

OmniAb Stock Performance

The firm has a market capitalization of $705.80 million, a PE ratio of -13.54 and a beta of 0.60. The firm has a fifty day moving average of $4.45 and a 200 day moving average of $2.91.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its earnings results 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 business had revenue of $13.41 million for the quarter, compared to analyst estimates of $4.69 million. Research analysts forecast that OmniAb, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On OmniAb

Hedge funds have recently bought and sold shares of the company. Whitefort Capital Management LP acquired a new position in OmniAb in the second quarter worth $25,211,699. BlackRock Inc. acquired a new stake in shares of OmniAb during the second quarter worth $21,888,000. Rice Hall James & Associates LLC bought a new position in shares of OmniAb in the 2nd quarter worth about $6,422,000. State Street Corp boosted its holdings in shares of OmniAb by 3.2% in the 2nd 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 during the period. Finally, ADAR1 Capital Management LLC acquired a new position in shares of OmniAb in the 2nd quarter valued at about $2,331,000. 72.08% of the stock is currently 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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