OmniAb (NASDAQ:OABI) Stock Price Down 5.1% – What’s Next?

Shares of OmniAb, Inc. (NASDAQ:OABI) traded down 5.1% during trading on Thursday . The company traded as low as $4.59 and last traded at $4.5650. 416,837 shares changed hands 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.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. HC Wainwright restated a “buy” rating and set a $11.00 price target 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 given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.00.

OmniAb Stock Performance

The firm has a market capitalization of $647.17 million, a P/E ratio of -12.42 and a beta of 0.45. The business has a 50 day simple moving average of $2.77 and a two-hundred day simple moving average of $2.19.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.69 million. On average, equities analysts anticipate that OmniAb, Inc. will post -0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OmniAb

Several hedge funds have recently bought and sold shares of OABI. AQR Capital Management LLC purchased a new position in OmniAb in the 1st quarter worth approximately $25,000. Legal & General Group Plc bought a new stake in shares of OmniAb during the 2nd quarter worth $28,000. Osaic Holdings Inc. lifted its holdings 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 during the last quarter. Canada Pension Plan Investment Board purchased a new position in OmniAb in the second quarter worth $37,000. Finally, Two Sigma Securities LLC purchased a new position in OmniAb in the second quarter worth $39,000. 72.08% of the stock is currently owned by institutional investors.

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.