OmniAb (NASDAQ:OABI) Trading Down 5.1% - Here's Why

Key Points

• OmniAb shares fell 5.1% to approximately $4.57, with trading volume 43% below the average session volume.
• Analysts maintain a mixed outlook: two rate the stock Buy and one Sell, resulting in a consensus Hold rating and an average price target of $11.00.
• The company exceeded quarterly expectations, reporting a loss of $0.05 per share versus the expected $0.12 loss and revenue of $13.41 million versus the $4.69 million consensus estimate, though profitability remains negative.

OmniAb, Inc. (NASDAQ:OABI - Get Free Report)'s stock price fell 5.1% during trading on Thursday . The stock traded as low as $4.59 and last traded at $4.5650. 416,837 shares were traded during mid-day trading, a decline of 43% from the average session volume of 729,427 shares. The stock had previously closed at $4.81.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports 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 reiterated a "buy" rating and set a $11.00 price objective on shares of OmniAb in a research report on Monday, August 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.00.

OmniAb Trading Down 4.1%

The stock has a 50 day simple moving average of $2.69 and a 200 day simple moving average of $2.16. The stock has a market cap of $668.16 million, a P/E ratio of -12.84 and a beta of 0.45.

OmniAb (NASDAQ:OABI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating 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 firm had revenue of $13.41 million during the quarter, compared to the consensus estimate of $4.69 million. Equities analysts anticipate that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On OmniAb

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

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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