Benchmark Has Lowered Expectations for OmniAb (NASDAQ:OABI) Stock Price

OmniAb (NASDAQ:OABI) had its price target cut by Benchmark from $8.00 to $6.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research report on Wednesday.

OmniAb Stock Performance

OABI stock opened at $2.27 on Thursday. The business has a 50-day simple moving average of $3.36 and a two-hundred day simple moving average of $3.78. The company has a market capitalization of $320.56 million, a P/E ratio of -3.66 and a beta of -0.14. OmniAb has a 52-week low of $2.23 and a 52-week high of $5.72.

OmniAb (NASDAQ:OABI) last announced its earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $10.13 million. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. As a group, sell-side analysts forecast that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other OmniAb news, CFO Kurt A. Gustafson sold 15,526 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $50,304.24. Following the sale, the chief financial officer now directly owns 212,720 shares in the company, valued at $689,212.80. The trade was a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Higgins purchased 125,750 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $2.35 per share, with a total value of $295,512.50. Following the purchase, the director now directly owns 2,762,887 shares in the company, valued at $6,492,784.45. This trade represents a 4.77 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 112,260 shares of company stock valued at $376,601. 8.60% of the stock is owned by insiders.

Institutional Trading of OmniAb

A number of institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC bought a new stake in OmniAb during the 4th quarter valued at $38,000. Choreo LLC bought a new position in OmniAb in the 4th quarter worth about $41,000. Rangeley Capital LLC bought a new stake in shares of OmniAb during the fourth quarter valued at about $41,000. KLP Kapitalforvaltning AS bought a new position in shares of OmniAb in the fourth quarter valued at approximately $49,000. Finally, Walleye Capital LLC purchased a new position in OmniAb during the third quarter valued at approximately $61,000. 72.08% of the stock is currently 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.