OmniAb (NASDAQ:OABI) Stock Price Down 4.8% - Here's What Happened

Key Points

• OmniAb shares fell 4.8% to $4.52 in Friday trading, with volume down 41% from its average. The company has a market capitalization of approximately $650 million.
• Analyst sentiment remains mixed: HC Wainwright reiterated a Buy rating with an $11 price target, while the overall consensus is Hold based on two Buy ratings and one Sell rating.
• OmniAb exceeded quarterly expectations, reporting a loss of $0.05 per share versus the estimated $0.12 loss and revenue of $13.41 million versus the $4.69 million forecast. However, the company continues to post negative net margins and return on equity.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) dropped 4.8% during trading on Friday . The stock traded as low as $4.51 and last traded at $4.52. 459,025 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 774,287 shares. The stock had previously closed at $4.75.

Analysts Set New Price Targets

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

OmniAb Trading Down 5.5%

The firm has a fifty day simple moving average of $2.96 and a two-hundred day simple moving average of $2.28. The stock has a market cap of $650.21 million, a PE ratio of -12.43 and a beta of 0.62.

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

Institutional Trading of OmniAb

A number of hedge funds have recently made changes to their positions in OABI. Osaic Holdings Inc. increased its stake in OmniAb by 214.4% in the second quarter. Osaic Holdings Inc. now owns 14,247 shares of the company's stock valued at $25,000 after acquiring an additional 9,716 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of OmniAb during the 1st quarter valued at about $25,000. Legal & General Group Plc purchased a new position in shares of OmniAb during the 2nd quarter valued at about $28,000. BNP Paribas Financial Markets lifted its position in OmniAb by 92.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company's stock worth $35,000 after buying an additional 10,438 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in OmniAb in the 2nd quarter worth approximately $37,000. 72.08% of the stock is owned by institutional investors.

OmniAb Company Profile

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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