OmniAb, Inc. $OABI Shares Sold by Private Management Group Inc.

Private Management Group Inc. reduced its stake in shares of OmniAb, Inc. (NASDAQ:OABI) by 14.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,013,460 shares of the company’s stock after selling 331,310 shares during the period. Private Management Group Inc.’s holdings in OmniAb were worth $9,987,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Whitefort Capital Management LP acquired a new position in OmniAb in the second quarter valued at about $25,211,699. BlackRock Inc. bought a new stake in OmniAb during the second quarter worth about $21,888,000. Rice Hall James & Associates LLC bought a new stake in OmniAb during the second quarter worth about $6,422,000. State Street Corp lifted its position in OmniAb by 3.2% during 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 acquired a new stake in OmniAb during the second quarter worth about $2,331,000. Institutional investors own 72.08% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on OABI. Leerink Partners raised their target price on shares of OmniAb from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

OmniAb Stock Down 3.8%

NASDAQ:OABI opened at $5.10 on Wednesday. OmniAb, Inc. has a twelve month low of $1.35 and a twelve month high of $5.45. The stock’s 50-day simple moving average is $4.73 and its 200 day simple moving average is $2.82. The firm has a market capitalization of $743.89 million, a PE ratio of -15.00 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last issued its earnings results on Friday, October 30th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. The firm had revenue of $3.99 million during the quarter, compared to the consensus estimate of $3.49 million. OmniAb had a negative return on equity of 16.74% and a negative net margin of 108.11%. On average, analysts anticipate that OmniAb, Inc. will post -0.34 EPS for the current fiscal year.

OmniAb Profile

OmniAb, Inc. is a biotechnology company that develops antibody discovery technologies for use in creating therapeutic medicines. It works with pharmaceutical and biotechnology companies to identify and advance antibody candidates for potential drug development. Its platform includes genetically engineered animals that can produce antibodies with human characteristics, along with related discovery and screening technologies. These tools are designed to help partners find antibodies for a range of therapeutic targets and applications.