OmniAb (NASDAQ:OABI) Stock Price Down 9.7% – Here’s Why

Shares of OmniAb, Inc. (NASDAQ:OABI) fell 9.7% during trading on Tuesday. The stock traded as low as $4.54 and last traded at $4.4410. 227,547 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 832,382 shares. The stock had previously closed at $4.92.

Wall Street Analyst Weigh In

Several research firms have issued reports on OABI. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Finally, Leerink Partners boosted their price target on shares of OmniAb from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.50.

OmniAb Stock Performance

The company’s 50-day moving average is $4.07 and its 200-day moving average is $2.74. The firm has a market cap of $660.20 million, a price-to-earnings ratio of -12.67 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last posted its quarterly earnings data 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. The firm had revenue of $13.41 million during the quarter, compared to analysts’ expectations of $4.69 million. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. On average, analysts predict that OmniAb, Inc. will post -0.35 EPS for the current year.

Institutional Trading of OmniAb

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Whitefort Capital Management LP acquired a new stake in OmniAb in the second quarter worth $25,211,699. BlackRock Inc. bought a new position in OmniAb during the second quarter worth about $21,888,000. Rice Hall James & Associates LLC bought a new stake in shares of OmniAb in the second quarter worth about $6,422,000. State Street Corp raised its position in shares of OmniAb by 3.2% during the second quarter. State Street Corp now owns 2,133,549 shares of the company’s stock worth $5,249,000 after purchasing an additional 66,406 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in shares of OmniAb during the 2nd quarter valued at about $2,331,000. 72.08% of the stock is owned by institutional investors.

OmniAb Company Profile

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.