OmniAb (NASDAQ:OABI) Shares Gap Down – Time to Sell?

OmniAb, Inc. (NASDAQ:OABI)’s share price gapped down prior to trading on Friday. The stock had previously closed at $5.23, but opened at $4.40. OmniAb shares last traded at $4.5740, with a volume of 285,728 shares.

Wall Street Analysts Forecast Growth

OABI has been the topic of several research analyst reports. Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. HC Wainwright reissued a “buy” rating and issued a $11.00 price target on shares of OmniAb in a report on Monday, August 17th. Finally, Leerink Partners lifted their price target on shares of OmniAb from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.50.

OmniAb Stock Down 6.6%

The stock’s 50 day moving average is $4.64 and its 200-day moving average is $2.69. The company has a market cap of $707.11 million, a PE ratio of -13.46 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last posted its earnings results on Friday, October 30th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. The firm had revenue of $3.99 million for the quarter, compared to the consensus estimate of $3.49 million. On average, analysts anticipate that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Trading of OmniAb

Institutional investors have recently bought and sold shares of the stock. Whitefort Capital Management LP bought a new stake in OmniAb during the 2nd quarter valued at about $25,211,699. BlackRock Inc. bought a new stake in OmniAb during the 2nd quarter valued at $21,888,000. Rice Hall James & Associates LLC bought a new position in shares of OmniAb during the 2nd quarter worth $6,422,000. State Street Corp increased its stake 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 valued at $5,249,000 after buying an additional 66,406 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in OmniAb in the second quarter worth about $2,331,000. 72.08% of the stock is currently owned by institutional investors.

About OmniAb

OmniAb, Inc is a biotechnology company that develops and licenses antibody discovery technologies for use in drug research and development. Its platform is designed to help biopharmaceutical companies generate fully human and species-diverse antibodies that can be evaluated as potential treatments for a range of diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniMouse and OmniChicken, which are used to produce antibody candidates against challenging biological targets.