Bank of America Corp DE Has $2.18 Million Holdings in OmniAb, Inc. (NASDAQ:OABI)

Bank of America Corp DE cut its holdings in OmniAb, Inc. (NASDAQ:OABI) by 14.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 616,359 shares of the company’s stock after selling 106,307 shares during the period. Bank of America Corp DE owned about 0.44% of OmniAb worth $2,182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $38,000. Choreo LLC acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $41,000. Rangeley Capital LLC acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $41,000. KLP Kapitalforvaltning AS acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $49,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $62,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

OmniAb Trading Up 11.0%

NASDAQ:OABI opened at $1.41 on Tuesday. OmniAb, Inc. has a 1-year low of $1.22 and a 1-year high of $4.96. The firm has a fifty day simple moving average of $1.75 and a 200 day simple moving average of $2.88. The stock has a market capitalization of $172.21 million, a PE ratio of -2.27 and a beta of 0.10.

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

Insiders Place Their Bets

In other OmniAb news, CFO Kurt A. Gustafson sold 11,963 shares of OmniAb stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $2.37, for a total transaction of $28,352.31. Following the completion of the transaction, the chief financial officer now directly owns 217,492 shares of the company’s stock, valued at $515,456.04. The trade was a 5.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Higgins acquired 125,750 shares of OmniAb stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $2.35 per share, with a total value of $295,512.50. Following the completion of the transaction, the director now owns 2,762,887 shares of the company’s stock, valued at approximately $6,492,784.45. This trade represents a 4.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 215,750 shares of company stock valued at $425,613 and sold 38,551 shares valued at $81,528. Company insiders own 8.60% of the company’s stock.

Analysts Set New Price Targets

OABI has been the subject of several analyst reports. Royal Bank of Canada decreased their target price on shares of OmniAb from $7.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, March 27th. HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of OmniAb in a research note on Wednesday, March 19th. Finally, Benchmark reissued a “buy” rating and issued a $6.00 target price on shares of OmniAb in a research note on Monday, May 12th.

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.