OmniAb (NASDAQ:OABI) Stock Price Target Raised at Leerink Partners

OmniAb (NASDAQ:OABI) had its price target raised by research analysts at Leerink Partners from $10.00 to $12.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Leerink Partners’ target price suggests a potential upside of 158.90% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. HC Wainwright reaffirmed a “buy” rating and set a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, OmniAb has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

OmniAb Stock Performance

OABI stock traded up $0.28 on Wednesday, reaching $4.63. The company’s stock had a trading volume of 783,888 shares, compared to its average volume of 841,717. The firm has a market cap of $671.07 million, a PE ratio of -12.87 and a beta of 0.60. The business has a fifty day simple moving average of $4.02 and a two-hundred day simple moving average of $2.72. OmniAb has a 12-month low of $1.30 and a 12-month high of $5.43.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. The business had revenue of $13.41 million for the quarter, compared to the consensus estimate of $4.69 million. As a group, research analysts anticipate that OmniAb will post -0.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Whitefort Capital Management LP bought a new stake in OmniAb during the 2nd quarter valued at about $25,211,699. BlackRock Inc. purchased a new stake in shares of OmniAb during the second quarter valued at approximately $21,888,000. Rice Hall James & Associates LLC purchased a new stake in shares of OmniAb during the second quarter valued at approximately $6,422,000. ADAR1 Capital Management LLC bought a new stake in shares of OmniAb during the second quarter valued at approximately $2,331,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of OmniAb during the second quarter valued at approximately $783,000. 72.08% of the stock is owned by hedge funds and other institutional investors.

About OmniAb

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.