Kurt Gustafson Sells 6,913 Shares of OmniAb (NASDAQ:OABI) Stock

OmniAb, Inc. (NASDAQ:OABI) CFO Kurt Gustafson sold 6,913 shares of OmniAb stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $1.49, for a total value of $10,300.37. Following the sale, the chief financial officer directly owned 261,483 shares of the company’s stock, valued at $389,609.67. This trade represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

OmniAb Price Performance

Shares of NASDAQ OABI opened at $1.52 on Thursday. The company has a market capitalization of $220.07 million, a price-to-earnings ratio of -2.67 and a beta of 0.17. The business has a 50-day moving average of $1.73 and a two-hundred day moving average of $1.76. OmniAb, Inc. has a 1 year low of $1.22 and a 1 year high of $2.30.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The business had revenue of $8.38 million for the quarter, compared to analysts’ expectations of $9.00 million. OmniAb had a negative return on equity of 23.99% and a negative net margin of 347.04%. As a group, equities research analysts expect that OmniAb, Inc. will post -0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Benchmark reaffirmed a “buy” rating on shares of OmniAb in a report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of OmniAb in a report on Monday, December 22nd. Finally, Wall Street Zen raised OmniAb from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $4.50.

Institutional Trading of OmniAb

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cadian Capital Management LP raised its stake in OmniAb by 20.7% during the 4th quarter. Cadian Capital Management LP now owns 4,434,954 shares of the company’s stock valued at $8,205,000 after acquiring an additional 759,386 shares during the last quarter. Woodline Partners LP purchased a new stake in OmniAb during the 3rd quarter valued at approximately $4,571,000. Geode Capital Management LLC raised its stake in OmniAb by 17.0% during the 4th quarter. Geode Capital Management LLC now owns 2,722,692 shares of the company’s stock valued at $5,038,000 after acquiring an additional 396,456 shares during the last quarter. Kent Lake PR LLC raised its stake in OmniAb by 677.8% during the 2nd quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company’s stock valued at $3,045,000 after acquiring an additional 1,525,000 shares during the last quarter. Finally, ADAR1 Capital Management LLC raised its stake in OmniAb by 234.4% during the 3rd quarter. ADAR1 Capital Management LLC now owns 1,090,628 shares of the company’s stock valued at $1,745,000 after acquiring an additional 764,520 shares during the last quarter. 72.08% of the stock is owned by hedge funds and other 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.