OmniAb (NASDAQ:OABI) Sets New 12-Month High – Still a Buy?

OmniAb, Inc. (NASDAQ:OABI)’s share price reached a new 52-week high on Monday . The stock traded as high as $4.65 and last traded at $4.6840, with a volume of 1415824 shares trading hands. The stock had previously closed at $4.33.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.00.

OmniAb Stock Up 8.8%

The company’s 50-day simple moving average is $2.52 and its 200 day simple moving average is $2.09. The company has a market capitalization of $681.91 million, a P/E ratio of -13.08 and a beta of 0.45.

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

Institutional Trading of OmniAb

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised 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 acquiring an additional 9,716 shares in the last quarter. AQR Capital Management LLC bought a new stake in OmniAb during the first quarter worth approximately $25,000. Legal & General Group Plc bought a new stake in OmniAb during the second quarter worth approximately $28,000. BNP Paribas Financial Markets grew its holdings in OmniAb by 92.5% during 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 last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in OmniAb during the second quarter valued at approximately $37,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

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.