OmniAb (NASDAQ:OABI) Hits New 12-Month High – Should You Buy?

OmniAb, Inc. (NASDAQ:OABI) shares hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $5.45 and last traded at $5.36, with a volume of 739,619 shares changing hands. The stock had previously closed at $5.03.

Analyst Ratings Changes

OABI has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of OmniAb in a report on Monday, August 17th. Leerink Partners boosted their price objective on OmniAb from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Finally, Weiss Ratings upgraded shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.50.

OmniAb Stock Performance

The company has a market capitalization of $743.89 million, a price-to-earnings ratio of -15.00 and a beta of 0.60. The company has a 50-day moving average price of $4.73 and a 200-day moving average price of $2.82.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings results on Friday, October 30th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative net margin of 108.11% and a negative return on equity of 16.74%. The business had revenue of $3.99 million for the quarter, compared to the consensus estimate of $3.49 million. As a group, sell-side analysts anticipate that OmniAb, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OmniAb

Hedge funds have recently bought and sold shares of the company. Whitefort Capital Management LP bought a new position in shares of OmniAb during the second quarter worth $25,211,699. BlackRock Inc. bought a new stake in shares of OmniAb in the 2nd quarter valued at $21,888,000. Rice Hall James & Associates LLC bought a new stake in shares of OmniAb in the 2nd quarter valued at $6,422,000. State Street Corp increased its position in shares of OmniAb by 3.2% in the 2nd quarter. State Street Corp now owns 2,133,549 shares of the company’s stock valued at $5,249,000 after buying an additional 66,406 shares in the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in OmniAb during the 2nd quarter worth $2,331,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

About OmniAb

OmniAb, Inc. is a biotechnology company that develops antibody discovery technologies for use in creating therapeutic medicines. It works with pharmaceutical and biotechnology companies to identify and advance antibody candidates for potential drug development. Its platform includes genetically engineered animals that can produce antibodies with human characteristics, along with related discovery and screening technologies. These tools are designed to help partners find antibodies for a range of therapeutic targets and applications.