Royal Bank of Canada Issues Pessimistic Forecast for OmniAb (NASDAQ:OABI) Stock Price

OmniAb (NASDAQ:OABI) had its price objective reduced by equities research analysts at Royal Bank of Canada from $7.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 65.29% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Benchmark decreased their price target on OmniAb from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. HC Wainwright reissued a “buy” rating and issued a $11.00 price target on shares of OmniAb in a report on Wednesday, March 19th.

OmniAb Price Performance

Shares of OABI opened at $2.42 on Thursday. OmniAb has a 1-year low of $2.23 and a 1-year high of $5.54. The company has a market capitalization of $341.74 million, a P/E ratio of -3.90 and a beta of -0.14. The firm’s 50 day simple moving average is $3.26 and its 200 day simple moving average is $3.71.

OmniAb (NASDAQ:OABI) last released its earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The business had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $10.13 million. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. On average, equities analysts anticipate that OmniAb will post -0.61 earnings per share for the current year.

Insider Buying and Selling at OmniAb

In other news, Director John L. Higgins purchased 125,750 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $2.35 per share, for a total transaction of $295,512.50. Following the completion of the acquisition, the director now directly owns 2,762,887 shares in the company, valued at $6,492,784.45. This represents a 4.77 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew W. Foehr sold 41,811 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total transaction of $135,467.64. Following the completion of the transaction, the chief executive officer now owns 3,749,639 shares of the company’s stock, valued at approximately $12,148,830.36. The trade was a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,260 shares of company stock valued at $376,601. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On OmniAb

Institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC bought a new stake in shares of OmniAb during the 4th quarter valued at $38,000. Choreo LLC bought a new position in shares of OmniAb in the fourth quarter worth about $41,000. Rangeley Capital LLC purchased a new position in shares of OmniAb during the 4th quarter valued at about $41,000. KLP Kapitalforvaltning AS bought a new position in shares of OmniAb during the 4th quarter valued at approximately $49,000. Finally, Walleye Capital LLC purchased a new stake in OmniAb in the 3rd quarter worth approximately $61,000. Hedge funds and other institutional investors own 72.08% of the company’s stock.

About OmniAb

OmniAb, Inc, a biotechnology company, engages in the discovery and provision of therapeutic antibody discovery technologies in the United States. The company's technology platform creates and screens diverse antibody repertoires and identify optimal antibodies for partners' drug development efforts.