OmniAb (NASDAQ:OABI) Stock Price Up 8.5% – What’s Next?

OmniAb, Inc. (NASDAQ:OABI) rose 8.5% on Monday . The stock traded as high as $4.37 and last traded at $4.4140. Approximately 474,574 shares were traded during trading, a decline of 40% from the average daily volume of 791,662 shares. The stock had previously closed at $4.07.

Analysts Set New Price Targets

Several brokerages have commented on OABI. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, OmniAb presently has a consensus rating of “Hold” and an average target price of $11.00.

OmniAb Trading Up 10.7%

The firm has a market capitalization of $652.23 million, a PE ratio of -12.51 and a beta of 0.62. The company has a fifty day moving average price of $3.16 and a two-hundred day moving average price of $2.38.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.07. The firm had revenue of $13.41 million for the quarter, compared to the consensus estimate of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. As a group, equities research analysts predict that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On OmniAb

A number of hedge funds have recently modified their holdings of OABI. The Manufacturers Life Insurance Company increased its position in OmniAb by 20.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company’s stock valued at $78,000 after acquiring an additional 7,624 shares during the period. Rhumbline Advisers lifted its position in OmniAb by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company’s stock worth $280,000 after acquiring an additional 9,163 shares during the period. Osaic Holdings Inc. grew its stake in shares of OmniAb by 214.4% in the 2nd quarter. Osaic Holdings Inc. now owns 14,247 shares of the company’s stock valued at $25,000 after purchasing an additional 9,716 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of OmniAb in the 1st quarter valued at approximately $25,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of OmniAb by 92.5% in the third quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company’s stock valued at $35,000 after purchasing an additional 10,438 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

OmniAb Company Profile

OmniAb, Inc is a biotechnology company that develops and provides antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized antibodies that can be developed into therapeutics for a range of diseases.

The company’s technologies include genetically engineered animals and related screening and selection systems, including its OmniRat, OmniMouse, OmniChicken and OmniFlic platforms. These tools are intended to generate diverse antibody candidates and support the discovery of antibodies with desired binding and functional characteristics.

OmniAb primarily serves biopharmaceutical partners through collaborations, licensing arrangements and other commercial relationships.