OmniAb (NASDAQ:OABI) Reaches New 12-Month High – Here’s Why

OmniAb, Inc. (NASDAQ:OABI)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $5.43 and last traded at $5.04, with a volume of 5080122 shares changing hands. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Monday, August 17th. Weiss Ratings raised OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.00.

OmniAb Stock Performance

The firm has a market capitalization of $626.90 million, a P/E ratio of -12.03 and a beta of 0.62. The firm has a 50 day moving average price of $2.99 and a two-hundred day moving average price of $2.29.

OmniAb (NASDAQ:OABI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The business had revenue of $13.41 million during 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%. Equities research analysts forecast that OmniAb, Inc. will post -0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On OmniAb

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in OmniAb by 20.5% during the second quarter. The Manufacturers Life Insurance Company now owns 44,809 shares of the company’s stock valued at $78,000 after buying an additional 7,624 shares during the period. Rhumbline Advisers lifted its stake in OmniAb by 6.0% in the second quarter. Rhumbline Advisers now owns 160,728 shares of the company’s stock valued at $280,000 after acquiring an additional 9,163 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in 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 purchasing an additional 9,716 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of OmniAb during the 1st quarter valued at about $25,000. Finally, BNP Paribas Financial Markets raised its position in shares of OmniAb by 92.5% in the third quarter. BNP Paribas Financial Markets now owns 21,721 shares of the company’s stock valued at $35,000 after purchasing an additional 10,438 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

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.