OmniAb (NASDAQ:OABI) Shares Climb 3.1% on Analyst Upgrade

OmniAb, Inc. (NASDAQ:OABI)’s stock price shot up 3.1% during trading on Wednesday after Leerink Partners raised their price target on the stock from $10.00 to $12.00. Leerink Partners currently has an outperform rating on the stock. OmniAb traded as high as $4.53 and last traded at $4.4850. 105,783 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 837,996 shares. The stock had previously closed at $4.35.

OABI has been the subject of several other research reports. HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of OmniAb in a report on Monday, August 17th. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Institutional Investors Weigh In On OmniAb

Several large investors have recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in OmniAb during the 2nd quarter worth $28,000. Canada Pension Plan Investment Board purchased a new position in shares of OmniAb in the second quarter valued at $37,000. Two Sigma Securities LLC purchased a new position in shares of OmniAb in the second quarter valued at $39,000. State of Wyoming grew its holdings in OmniAb by 101.7% during the 1st quarter. State of Wyoming now owns 24,694 shares of the company’s stock valued at $39,000 after purchasing an additional 12,451 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in OmniAb during the 2nd quarter worth $61,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

OmniAb Trading Up 2.2%

The stock has a market cap of $674.67 million, a PE ratio of -12.94 and a beta of 0.60. The company’s 50 day moving average is $4.12 and its 200-day moving average is $2.76.

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 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 company had revenue of $13.41 million during the quarter, compared to analysts’ expectations of $4.69 million. As a group, analysts forecast that OmniAb, Inc. will post -0.35 EPS for the current year.

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.