OmniAb (NASDAQ:OABI) Trading 5.8% Higher – Here’s What Happened

OmniAb, Inc. (NASDAQ:OABI)’s share price was up 5.8% on Wednesday . The stock traded as high as $4.93 and last traded at $4.93. 902,532 shares were traded during trading, an increase of 24% from the average session volume of 727,891 shares. The stock had previously closed at $4.66.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on OABI shares. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report 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. Two 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.00.

OmniAb Stock Performance

The firm has a market capitalization of $667.45 million, a P/E ratio of -12.81 and a beta of 0.45. The firm’s 50-day moving average is $2.73 and its 200 day moving average is $2.18.

OmniAb (NASDAQ:OABI) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $4.69 million. As a group, research analysts expect that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OABI. The Manufacturers Life Insurance Company raised its position in OmniAb by 20.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company’s stock valued at $78,000 after buying an additional 7,624 shares during the last quarter. Rhumbline Advisers boosted its position in OmniAb by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company’s stock worth $280,000 after acquiring an additional 9,163 shares during the last quarter. Osaic Holdings Inc. grew its stake 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 position in shares of OmniAb during the 1st quarter worth approximately $25,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of OmniAb by 92.5% in the third 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 last quarter. 72.08% of the stock is currently owned by institutional investors.

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.