OmniAb (NASDAQ:OABI) Shares Climb 3.1% on Analyst Upgrade

Shares of OmniAb, Inc. (NASDAQ:OABI) rose 3.1% during mid-day trading on Wednesday after Leerink Partners raised their price target on the stock from $10.00 to $12.00. Leerink Partners currently has an outperform rating on the stock. OmniAb traded as high as $4.53 and last traded at $4.4850. Approximately 105,783 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 837,996 shares. The stock had previously closed at $4.35.

Several other research firms have also issued reports on OABI. Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.50.

Hedge Funds Weigh In On OmniAb

Institutional investors and hedge funds have recently modified their holdings of the business. Whitefort Capital Management LP acquired a new stake in shares of OmniAb in the 2nd quarter valued at $25,211,699. BlackRock Inc. bought a new stake in shares of OmniAb during the 2nd quarter worth $21,888,000. Rice Hall James & Associates LLC bought a new stake in shares of OmniAb during the 2nd quarter worth $6,422,000. State Street Corp boosted its stake in OmniAb by 3.2% in the second 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 in the second quarter valued at about $2,331,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

OmniAb Stock Up 2.2%

The firm has a 50 day moving average of $4.12 and a two-hundred day moving average of $2.76. The firm has a market capitalization of $674.67 million, a price-to-earnings ratio of -12.94 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, topping analysts’ consensus estimates of ($0.12) by $0.07. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. The firm had revenue of $13.41 million for the quarter, compared to analysts’ expectations of $4.69 million. Sell-side analysts forecast that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

About OmniAb

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.