OmniAb (NASDAQ:OABI) Stock Price Up 8.5% - Time to Buy?

Key Points

• OmniAb shares rose 8.5% to about $4.41 in mid-day trading, with volume below the stock’s average daily level.
• Analysts have a mixed view: two rate the stock Buy and one Sell, resulting in a consensus Hold rating and an average price target of $11.00.
• OmniAb beat quarterly expectations, reporting a loss of $0.05 per share versus the $0.12 expected and revenue of $13.41 million versus estimates of $4.69 million, though profitability remained weak with a negative net margin.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report) shares were up 8.5% during mid-day trading on Monday . The stock traded as high as $4.37 and last traded at $4.4140. Approximately 474,574 shares were traded during trading, a decline of 40% from the average daily volume of 791,662 shares. The stock had previously closed at $4.07.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OABI. Weiss Ratings upgraded shares of OmniAb from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 20th. HC Wainwright restated a "buy" rating and set a $11.00 price target on shares of OmniAb in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, OmniAb presently has a consensus rating of "Hold" and an average target price of $11.00.

OmniAb Price Performance

The company has a market cap of $652.23 million, a price-to-earnings ratio of -12.51 and a beta of 0.62. The stock has a 50 day simple moving average of $3.16 and a two-hundred day simple moving average of $2.38.

OmniAb (NASDAQ:OABI - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The business had revenue of $13.41 million for 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%. As a group, research analysts forecast that OmniAb, Inc. will post -0.35 EPS for the current year.

Institutional Investors Weigh In On OmniAb

A number of large investors have recently modified their holdings of OABI. Whitefort Capital Management LP purchased a new stake in shares of OmniAb during the 2nd quarter worth $25,211,699. BlackRock Inc. purchased a new position in OmniAb in the second quarter valued at $21,888,000. Woodline Partners LP acquired a new stake in OmniAb in the third quarter valued at $4,571,000. Rice Hall James & Associates LLC acquired a new stake in OmniAb in the second quarter valued at $6,422,000. Finally, Kent Lake PR LLC lifted its holdings in OmniAb by 677.8% during the 2nd quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company's stock worth $3,045,000 after buying an additional 1,525,000 shares during the last quarter. 72.08% of the stock is owned by hedge funds and other institutional investors.

About OmniAb

OmniAb, Inc is a biotechnology company that develops and provides antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized antibodies that can be developed into therapeutics for a range of diseases.

The company's technologies include genetically engineered animals and related screening and selection systems, including its OmniRat, OmniMouse, OmniChicken and OmniFlic platforms. These tools are intended to generate diverse antibody candidates and support the discovery of antibodies with desired binding and functional characteristics.

OmniAb primarily serves biopharmaceutical partners through collaborations, licensing arrangements and other commercial relationships.

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