OmniAb’s (OABI) Outperform Rating Reiterated at Royal Bank of Canada

OmniAb (NASDAQ:OABI)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a research report issued on Friday, Benzinga reports. They presently have a $7.00 target price on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 66.27% from the company’s current price.

Other research analysts have also issued research reports about the stock. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a research note on Monday. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a report on Tuesday, May 14th.

OmniAb Trading Down 0.2 %

Shares of OmniAb stock traded down $0.01 during trading on Friday, hitting $4.21. 116,168 shares of the stock traded hands, compared to its average volume of 545,791. The stock’s fifty day simple moving average is $4.28 and its 200 day simple moving average is $4.81. The firm has a market cap of $495.16 million, a P/E ratio of -6.56 and a beta of -0.11. OmniAb has a 52-week low of $3.56 and a 52-week high of $6.72.

OmniAb (NASDAQ:OABI) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. OmniAb had a negative net margin of 301.62% and a negative return on equity of 19.93%. The business had revenue of $7.61 million during the quarter, compared to analyst estimates of $6.52 million. During the same quarter in the previous year, the business posted ($0.15) EPS. As a group, equities analysts expect that OmniAb will post -0.66 EPS for the current year.

Insider Activity at OmniAb

In other news, CEO Matthew W. Foehr purchased 240,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $4.42 per share, for a total transaction of $1,060,800.00. Following the completion of the transaction, the chief executive officer now owns 3,536,665 shares in the company, valued at $15,632,059.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On OmniAb

A number of institutional investors have recently modified their holdings of OABI. ADAR1 Capital Management LLC purchased a new stake in shares of OmniAb in the fourth quarter valued at approximately $2,950,000. Towerview LLC increased its holdings in OmniAb by 114.0% in the 2nd quarter. Towerview LLC now owns 535,000 shares of the company’s stock worth $2,006,000 after acquiring an additional 285,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in OmniAb by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock worth $11,296,000 after acquiring an additional 194,835 shares during the period. Isthmus Partners LLC lifted its holdings in OmniAb by 37.2% during the second quarter. Isthmus Partners LLC now owns 528,385 shares of the company’s stock valued at $1,981,000 after purchasing an additional 143,387 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of OmniAb in the second quarter valued at about $449,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

About OmniAb

OmniAb, Inc, a biotechnology company, engages in the discovery and provision of therapeutic antibody discovery technologies in the United States. The company's technology platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts.