OmniAb (NASDAQ:OABI) Trading Down 2.8%

OmniAb, Inc. (NASDAQ:OABI) was down 2.8% during mid-day trading on Tuesday . The company traded as low as $5.13 and last traded at $5.16. Approximately 53,231 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 428,155 shares. The stock had previously closed at $5.31.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on OABI shares. HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of OmniAb in a research report on Thursday, March 21st. Truist Financial reissued a “buy” rating and issued a $10.00 target price on shares of OmniAb in a research report on Tuesday. Royal Bank of Canada reissued an “outperform” rating and issued a $7.00 target price on shares of OmniAb in a research report on Thursday, March 21st. Finally, Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of OmniAb in a research report on Friday, March 22nd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $9.20.

OmniAb Stock Performance

The business has a 50-day simple moving average of $5.63 and a two-hundred day simple moving average of $5.33. The company has a market capitalization of $626.53 million, a price-to-earnings ratio of -10.57 and a beta of -0.16.

Insiders Place Their Bets

In related news, CEO Matthew W. Foehr acquired 225,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was bought at an average cost of $5.19 per share, with a total value of $1,167,750.00. Following the transaction, the chief executive officer now owns 2,908,803 shares of the company’s stock, valued at $15,096,687.57. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On OmniAb

Several hedge funds and other institutional investors have recently bought and sold shares of OABI. BlackRock Inc. purchased a new stake in shares of OmniAb in the 1st quarter worth about $21,021,000. Macquarie Group Ltd. purchased a new stake in shares of OmniAb in the 1st quarter worth about $13,908,000. Rubric Capital Management LP boosted its position in shares of OmniAb by 306.0% in the 3rd quarter. Rubric Capital Management LP now owns 2,850,588 shares of the company’s stock worth $14,795,000 after buying an additional 2,148,535 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of OmniAb in the 1st quarter worth about $7,120,000. Finally, Geode Capital Management LLC purchased a new stake in shares of OmniAb in the 1st quarter worth about $6,482,000. 72.08% of the stock is owned by institutional investors and hedge funds.

OmniAb Company Profile

OmniAb, Inc, a biotechnology company, engages in the provision of therapeutic antibody discovery technologies in the United States. The company's discovery platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts. Its OmniAb platform is the biological intelligence of proprietary transgenic animals, including OmniRat, OmniChicken, and OmniMouse that have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates.