Palumbo Wealth Management LLC Sells 3,436 Shares of OmniAb, Inc. (NASDAQ:OABI)

Palumbo Wealth Management LLC cut its stake in OmniAb, Inc. (NASDAQ:OABI) by 13.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,204 shares of the company’s stock after selling 3,436 shares during the quarter. Palumbo Wealth Management LLC’s holdings in OmniAb were worth $75,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Choreo LLC acquired a new position in shares of OmniAb in the 4th quarter valued at approximately $41,000. SG Americas Securities LLC grew its position in shares of OmniAb by 16.5% in the 4th quarter. SG Americas Securities LLC now owns 40,609 shares of the company’s stock valued at $144,000 after purchasing an additional 5,751 shares during the period. Woodstock Corp grew its position in shares of OmniAb by 1.2% in the 4th quarter. Woodstock Corp now owns 802,578 shares of the company’s stock valued at $2,841,000 after purchasing an additional 9,725 shares during the period. Barclays PLC grew its position in shares of OmniAb by 321.5% in the 3rd quarter. Barclays PLC now owns 143,215 shares of the company’s stock valued at $606,000 after purchasing an additional 109,236 shares during the period. Finally, State Street Corp grew its position in shares of OmniAb by 1.7% in the 3rd quarter. State Street Corp now owns 2,031,676 shares of the company’s stock valued at $8,594,000 after purchasing an additional 34,654 shares during the period. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Charles S. Berkman sold 25,489 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $82,584.36. Following the sale, the insider now owns 343,190 shares in the company, valued at approximately $1,111,935.60. This represents a 6.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew W. Foehr sold 41,811 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $135,467.64. Following the completion of the sale, the chief executive officer now owns 3,749,639 shares in the company, valued at approximately $12,148,830.36. This trade represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,826 shares of company stock valued at $268,356. 8.60% of the stock is owned by insiders.

OmniAb Trading Up 4.7 %

NASDAQ OABI opened at $3.81 on Monday. The company has a market cap of $538.05 million, a PE ratio of -6.15 and a beta of -0.12. OmniAb, Inc. has a 12 month low of $3.10 and a 12 month high of $6.55. The stock has a 50 day moving average of $3.51 and a 200-day moving average of $3.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OABI shares. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of OmniAb in a research report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Thursday, November 14th.

OmniAb Profile

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.