OmniAb (NASDAQ:OABI) Stock Price Up 5.8% – Should You Buy?

OmniAb, Inc. (NASDAQ:OABI) shares rose 5.8% during trading on Wednesday . The company traded as high as $4.93 and last traded at $4.93. Approximately 902,532 shares changed hands during mid-day trading, an increase of 24% from the average daily volume of 727,891 shares. The stock had previously closed at $4.66.

Analyst Ratings Changes

OABI has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, OmniAb presently has an average rating of “Hold” and a consensus price target of $11.00.

OmniAb Stock Performance

The stock’s 50 day moving average price is $2.63 and its 200-day moving average price is $2.13. The company has a market cap of $709.42 million, a PE ratio of -13.61 and a beta of 0.45.

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

Institutional Investors Weigh In On OmniAb

A number of hedge funds and other institutional investors have recently modified their holdings of OABI. AQR Capital Management LLC purchased a new position in OmniAb in the 1st quarter worth approximately $25,000. Legal & General Group Plc bought a new position in shares of OmniAb in the second quarter worth approximately $28,000. Osaic Holdings Inc. increased its stake in shares of OmniAb by 214.4% in the second quarter. Osaic Holdings Inc. now owns 14,247 shares of the company’s stock worth $25,000 after buying an additional 9,716 shares during the period. Canada Pension Plan Investment Board bought a new stake in OmniAb during the 2nd quarter valued at $37,000. Finally, Two Sigma Securities LLC bought a new stake in OmniAb during the 2nd quarter valued at $39,000. Institutional investors own 72.08% of the company’s stock.

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.