OmniAb (NASDAQ:OABI) Stock Falls 9.7% – What’s Next?

OmniAb, Inc. (NASDAQ:OABI) shares fell 9.7% during trading on Tuesday. The company traded as low as $4.54 and last traded at $4.4410. Approximately 227,547 shares were traded during mid-day trading, a decline of 73% from the average session volume of 832,382 shares. The stock had previously closed at $4.92.

Wall Street Analyst Weigh In

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

OmniAb Price Performance

The firm’s fifty day moving average price is $3.97 and its two-hundred day moving average price is $2.70. The stock has a market cap of $647.89 million, a price-to-earnings ratio of -12.49 and a beta of 0.60.

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

Institutional Investors Weigh In On OmniAb

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc purchased a new stake in shares of OmniAb in the second quarter worth $28,000. Canada Pension Plan Investment Board bought a new position in OmniAb during the 2nd quarter worth approximately $37,000. Two Sigma Securities LLC purchased a new position in shares of OmniAb in the second quarter valued at about $39,000. State of Wyoming increased its stake in shares of OmniAb by 101.7% during the first quarter. State of Wyoming now owns 24,694 shares of the company’s stock valued at $39,000 after buying an additional 12,451 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in OmniAb during the 2nd quarter valued at $61,000. 72.08% of the stock is currently owned by institutional investors.

OmniAb Company Profile

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.