HC Wainwright Reaffirms Buy Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They presently have a $11.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 244.83% from the company’s current price.

OmniAb Trading Up 0.6 %

Shares of NASDAQ OABI opened at $3.19 on Wednesday. OmniAb has a 12 month low of $3.05 and a 12 month high of $5.72. The company has a 50 day simple moving average of $3.41 and a two-hundred day simple moving average of $3.80. The stock has a market cap of $450.48 million, a price-to-earnings ratio of -5.15 and a beta of -0.14.

OmniAb (NASDAQ:OABI) last posted its earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. The firm had revenue of $10.80 million during the quarter, compared to analyst estimates of $10.13 million. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. During the same period in the previous year, the firm earned ($0.14) EPS. Analysts forecast that OmniAb will post -0.61 EPS for the current year.

Insider Activity

In other news, CEO Matthew W. Foehr sold 13,964 shares of OmniAb stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total transaction of $51,387.52. Following the completion of the transaction, the chief executive officer now directly owns 3,798,682 shares of the company’s stock, valued at $13,979,149.76. The trade was a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kurt A. Gustafson sold 7,255 shares of OmniAb stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $3.67, for a total transaction of $26,625.85. Following the transaction, the chief financial officer now directly owns 206,211 shares of the company’s stock, valued at approximately $756,794.37. This trade represents a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,260 shares of company stock valued at $376,601 in the last three months. 8.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On OmniAb

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC increased its holdings in OmniAb by 321.5% in the 3rd quarter. Barclays PLC now owns 143,215 shares of the company’s stock worth $606,000 after acquiring an additional 109,236 shares in the last quarter. FMR LLC increased its holdings in OmniAb by 10.6% in the 3rd quarter. FMR LLC now owns 138,813 shares of the company’s stock worth $587,000 after acquiring an additional 13,324 shares in the last quarter. Atria Investments Inc purchased a new stake in OmniAb in the 3rd quarter worth $148,000. Murchinson Ltd. purchased a new stake in shares of OmniAb during the third quarter worth $4,230,000. Finally, State Street Corp raised its position in shares of OmniAb by 1.7% in the third quarter. State Street Corp now owns 2,031,676 shares of the company’s stock valued at $8,594,000 after buying an additional 34,654 shares during the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.

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.