OmniAb (NASDAQ:OABI) Stock Price Down 0.9% – Should You Sell?

OmniAb, Inc. (NASDAQ:OABI) dropped 0.9% during trading on Monday . The company traded as low as $2.26 and last traded at $2.32. 551,821 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 507,589 shares. The stock had previously closed at $2.34.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OABI. Wall Street Zen upgraded OmniAb from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Benchmark reaffirmed a “buy” rating on shares of OmniAb in a research note on Friday, March 6th. Finally, Weiss Ratings upgraded shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.00.

OmniAb Price Performance

The company has a market cap of $330.11 million, a price-to-earnings ratio of -4.96 and a beta of 0.42. The firm has a fifty day simple moving average of $2.05 and a 200 day simple moving average of $1.90.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. OmniAb had a negative return on equity of 20.31% and a negative net margin of 187.59%.The company had revenue of $14.43 million for the quarter, compared to the consensus estimate of $5.60 million. Analysts expect that OmniAb, Inc. will post -0.39 earnings per share for the current year.

Insiders Place Their Bets

In other OmniAb news, CEO Matthew W. Foehr sold 19,244 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $1.49, for a total value of $28,673.56. Following the completion of the transaction, the chief executive officer owned 4,420,492 shares of the company’s stock, valued at $6,586,533.08. This represents a 0.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 33,314 shares of company stock worth $49,638 over the last 90 days. 9.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On OmniAb

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC acquired a new stake in shares of OmniAb during the 1st quarter valued at about $25,000. Osaic Holdings Inc. boosted its holdings in OmniAb by 214.4% during the second quarter. Osaic Holdings Inc. now owns 14,247 shares of the company’s stock valued at $25,000 after purchasing an additional 9,716 shares in the last quarter. BNP Paribas Financial Markets grew its stake 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 during the period. State of Wyoming raised its holdings in shares of OmniAb by 101.7% in the 1st quarter. State of Wyoming now owns 24,694 shares of the company’s stock worth $39,000 after buying an additional 12,451 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of OmniAb by 111.5% during the 2nd quarter. Cerity Partners LLC now owns 22,612 shares of the company’s stock worth $39,000 after buying an additional 11,919 shares during the period. Institutional investors and hedge funds own 72.08% of the company’s stock.

About OmniAb

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.