OmniAb (NASDAQ:OABI) Earns “Buy” Rating from Benchmark

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating restated by investment analysts at Benchmark in a note issued to investors on Monday,Benzinga reports. They presently have a $6.00 price objective on the stock. Benchmark’s target price points to a potential upside of 328.57% from the company’s current price.

A number of other analysts also recently issued reports on the company. Royal Bank of Canada cut their price objective on OmniAb from $7.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, March 27th. HC Wainwright restated a “buy” rating and set a $11.00 target price on shares of OmniAb in a research note on Wednesday, March 19th.

OmniAb Trading Down 2.1%

Shares of OABI stock opened at $1.40 on Monday. The company has a market capitalization of $170.99 million, a P/E ratio of -2.26 and a beta of 0.10. The business’s 50 day moving average is $2.17 and its two-hundred day moving average is $3.17. OmniAb has a 12-month low of $1.35 and a 12-month high of $4.96.

OmniAb (NASDAQ:OABI) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.17) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.17). OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The company had revenue of $4.15 million for the quarter, compared to analyst estimates of $4.49 million. On average, research analysts predict that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Transactions at OmniAb

In other news, Director John L. Higgins bought 65,000 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were bought at an average cost of $1.44 per share, for a total transaction of $93,600.00. Following the completion of the transaction, the director now owns 2,831,887 shares in the company, valued at $4,077,917.28. This trade represents a 2.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew W. Foehr sold 19,382 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $2.00, for a total value of $38,764.00. Following the completion of the sale, the chief executive officer now owns 3,796,236 shares in the company, valued at $7,592,472. This represents a 0.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,985 shares of company stock valued at $189,773 in the last ninety days. 8.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OmniAb

A number of large investors have recently modified their holdings of OABI. Cerity Partners LLC bought a new position in OmniAb during the 1st quarter worth approximately $26,000. Hsbc Holdings PLC bought a new stake in shares of OmniAb in the 4th quarter worth approximately $38,000. PNC Financial Services Group Inc. lifted its holdings in shares of OmniAb by 279.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company’s stock worth $39,000 after purchasing an additional 11,986 shares during the last quarter. Choreo LLC bought a new stake in shares of OmniAb in the 4th quarter worth approximately $41,000. Finally, Rangeley Capital LLC bought a new stake in shares of OmniAb in the 4th quarter worth approximately $41,000. Institutional investors and hedge funds 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.