OmniAb (NASDAQ:OABI) Releases Earnings Results

OmniAb (NASDAQ:OABI) posted its quarterly earnings results on Wednesday. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03), FiscalAI reports. OmniAb had a negative net margin of 301.83% and a negative return on equity of 23.14%. The company had revenue of $8.38 million for the quarter, compared to analysts’ expectations of $9.00 million.

OmniAb Stock Up 4.6%

Shares of NASDAQ:OABI traded up $0.08 during trading on Wednesday, reaching $1.81. The stock had a trading volume of 307,394 shares, compared to its average volume of 335,607. OmniAb has a 52 week low of $1.22 and a 52 week high of $3.46. The stock has a fifty day simple moving average of $1.83 and a two-hundred day simple moving average of $1.75. The firm has a market capitalization of $260.56 million, a price-to-earnings ratio of -3.12 and a beta of 0.13.

Insider Transactions at OmniAb

In other news, CEO Matthew W. Foehr sold 30,843 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $1.71, for a total value of $52,741.53. Following the completion of the transaction, the chief executive officer directly owned 4,403,277 shares of the company’s stock, valued at approximately $7,529,603.67. This represents a 0.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kurt A. Gustafson sold 23,922 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $1.96, for a total transaction of $46,887.12. Following the sale, the chief financial officer owned 252,688 shares of the company’s stock, valued at $495,268.48. This trade represents a 8.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 130,021 shares of company stock valued at $233,398 over the last 90 days. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

Several institutional investors and hedge funds have recently added to or reduced their stakes in OABI. AQR Capital Management LLC acquired a new position in shares of OmniAb in the 1st quarter valued at $25,000. Osaic Holdings Inc. raised 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 buying an additional 9,716 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of OmniAb by 92.5% during 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 period. Cerity Partners LLC boosted its holdings in OmniAb by 111.5% in the 2nd quarter. Cerity Partners LLC now owns 22,612 shares of the company’s stock valued at $39,000 after purchasing an additional 11,919 shares during the period. Finally, Corient Private Wealth LLC bought a new position in OmniAb during the 2nd quarter worth $53,000. 72.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of OmniAb in a research report on Monday, December 22nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, OmniAb currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.67.

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.