OmniAb (NASDAQ:OABI) Stock Price Up 7.6% – Still a Buy?

Shares of OmniAb, Inc. (NASDAQ:OABI) were up 7.6% during trading on Tuesday. The company traded as high as $4.99 and last traded at $5.0470. Approximately 186,093 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 846,666 shares. The stock had previously closed at $4.69.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a research report on Monday, August 17th. Finally, Leerink Partners upped their price objective on OmniAb from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

OmniAb Stock Performance

The business’s 50 day simple moving average is $4.45 and its 200-day simple moving average is $2.91. The stock has a market capitalization of $705.80 million, a price-to-earnings ratio of -13.54 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. The company had revenue of $13.41 million for the quarter, compared to analysts’ expectations 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, sell-side analysts expect that OmniAb, Inc. will post -0.35 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Whitefort Capital Management LP bought a new position in shares of OmniAb in the second quarter worth $25,211,699. BlackRock Inc. bought a new stake in shares of OmniAb during the second quarter valued at about $21,888,000. Rice Hall James & Associates LLC acquired a new stake in OmniAb in the second quarter worth about $6,422,000. State Street Corp lifted its holdings in OmniAb by 3.2% in the second quarter. State Street Corp now owns 2,133,549 shares of the company’s stock worth $5,249,000 after purchasing an additional 66,406 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in OmniAb in the 2nd quarter valued at about $2,331,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

About OmniAb

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.