OmniAb (NASDAQ:OABI) Price Target Cut to $4.00 by Analysts at Royal Bank of Canada

OmniAb (NASDAQ:OABI) had its price objective cut by research analysts at Royal Bank of Canada from $7.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 64.27% from the company’s previous close.

Several other equities research analysts also recently weighed in on OABI. Benchmark decreased their price target on shares of OmniAb from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 target price on shares of OmniAb in a research report on Wednesday, March 19th.

OmniAb Trading Up 0.2 %

NASDAQ OABI traded up $0.01 during trading hours on Thursday, hitting $2.44. 33,851 shares of the company’s stock were exchanged, compared to its average volume of 535,414. The firm has a market cap of $343.86 million, a price-to-earnings ratio of -3.97 and a beta of -0.14. The stock has a 50-day simple moving average of $3.29 and a 200 day simple moving average of $3.73. OmniAb has a 1-year low of $2.23 and a 1-year high of $5.54.

OmniAb (NASDAQ:OABI) last posted its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The firm had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $10.13 million. During the same period in the prior year, the business earned ($0.14) EPS. On average, sell-side analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at OmniAb

In other news, CEO Matthew W. Foehr sold 13,964 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total value of $51,387.52. Following the completion of the sale, the chief executive officer now directly owns 3,798,682 shares of the company’s stock, valued at $13,979,149.76. This represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charles S. Berkman sold 25,489 shares of OmniAb stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $82,584.36. Following the transaction, the insider now directly owns 343,190 shares in the company, valued at approximately $1,111,935.60. The trade was a 6.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,260 shares of company stock worth $376,601. 8.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OmniAb

A number of institutional investors and hedge funds have recently bought and sold shares of OABI. Invesco Ltd. grew its stake in shares of OmniAb by 3.3% in the 4th quarter. Invesco Ltd. now owns 93,653 shares of the company’s stock worth $332,000 after acquiring an additional 2,997 shares in the last quarter. Connors Investor Services Inc. boosted its holdings in OmniAb by 18.4% during the fourth quarter. Connors Investor Services Inc. now owns 29,611 shares of the company’s stock worth $105,000 after purchasing an additional 4,611 shares during the last quarter. SG Americas Securities LLC grew its position in OmniAb by 16.5% in the 4th quarter. SG Americas Securities LLC now owns 40,609 shares of the company’s stock worth $144,000 after purchasing an additional 5,751 shares in the last quarter. Sherbrooke Park Advisers LLC increased its stake in OmniAb by 53.5% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company’s stock valued at $61,000 after buying an additional 6,001 shares during the last quarter. Finally, Isthmus Partners LLC lifted its position in shares of OmniAb by 1.6% during the 4th quarter. Isthmus Partners LLC now owns 453,135 shares of the company’s stock worth $1,604,000 after buying an additional 7,001 shares in the last quarter. 72.08% of the stock is owned by hedge funds and other institutional investors.

About OmniAb

OmniAb, Inc, a biotechnology company, engages in the discovery and provision of therapeutic antibody discovery technologies in the United States. The company's technology platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts.