OmniAb’s (OABI) “Buy” Rating Reaffirmed at HC Wainwright

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $11.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 180.11% from the stock’s current price.

Separately, Weiss Ratings lowered shares of OmniAb from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.00.

OmniAb Stock Up 16.2%

OABI traded up $0.55 on Monday, hitting $3.93. 14,890,130 shares of the company traded hands, compared to its average volume of 643,978. OmniAb has a 12-month low of $1.30 and a 12-month high of $4.29. The company has a 50 day moving average of $2.35 and a 200-day moving average of $2.01. The stock has a market capitalization of $568.55 million, a PE ratio of -11.01 and a beta of 0.45.

OmniAb (NASDAQ:OABI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.07. The company had revenue of $13.41 million for the quarter, compared to the consensus estimate of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. On average, research analysts anticipate that OmniAb will post -0.35 EPS for the current year.

Hedge Funds Weigh In On OmniAb

Several hedge funds and other institutional investors have recently bought and sold shares of OABI. Whitefort Capital Management LP acquired a new stake in OmniAb in the 2nd quarter valued at about $25,211,699,000. BlackRock Inc. acquired a new stake in shares of OmniAb in the second quarter valued at approximately $21,888,000. Woodline Partners LP acquired a new stake in shares of OmniAb in the third quarter valued at approximately $4,571,000. Rice Hall James & Associates LLC purchased a new position in shares of OmniAb during the 2nd quarter worth approximately $6,422,000. Finally, Kent Lake PR LLC raised its position in shares of OmniAb by 677.8% during the 2nd quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company’s stock worth $3,045,000 after purchasing an additional 1,525,000 shares during the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.

About OmniAb

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.