OmniAb (NASDAQ:OABI) Shares Up 5.3% – Should You Buy?

OmniAb, Inc. (NASDAQ:OABI) shares shot up 5.3% during mid-day trading on Thursday . The company traded as high as $4.51 and last traded at $4.4140. Approximately 585,975 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 694,747 shares. The stock had previously closed at $4.19.

Analysts Set New Price Targets

OABI has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of OmniAb in a research note on Monday. Weiss Ratings lowered shares of OmniAb from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, OmniAb presently has a consensus rating of “Hold” and an average price target of $11.00.

OmniAb Trading Up 6.5%

The business has a fifty day simple moving average of $2.44 and a 200 day simple moving average of $2.06. The stock has a market capitalization of $646.30 million, a P/E ratio of -12.40 and a beta of 0.45.

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

Institutional Investors Weigh In On OmniAb

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its holdings in OmniAb by 214.4% during the 2nd quarter. Osaic Holdings Inc. now owns 14,247 shares of the company’s stock worth $25,000 after acquiring an additional 9,716 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of OmniAb in the first quarter valued at about $25,000. Legal & General Group Plc purchased a new stake in shares of OmniAb in the second quarter valued at about $28,000. BNP Paribas Financial Markets lifted its position in shares of 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 in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of OmniAb during the second quarter valued at about $37,000. 72.08% of the stock is owned by hedge funds and other institutional investors.

OmniAb Company Profile

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.