OmniAb (NASDAQ:OABI) Stock Rating Upgraded by Wall Street Zen

OmniAb (NASDAQ:OABI) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

OABI has been the topic of a number of other research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of OmniAb in a research report on Monday, December 22nd. Benchmark restated a “buy” rating on shares of OmniAb in a research report on Friday. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $6.67.

OmniAb Stock Performance

Shares of NASDAQ:OABI opened at $1.89 on Friday. The firm has a market cap of $272.08 million, a PE ratio of -3.32 and a beta of 0.13. The firm’s fifty day moving average is $1.83 and its 200-day moving average is $1.75. OmniAb has a 52 week low of $1.22 and a 52 week high of $3.45.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The business had revenue of $8.38 million during the quarter, compared to the consensus estimate of $9.00 million. OmniAb had a negative return on equity of 23.99% and a negative net margin of 347.04%. Sell-side analysts forecast that OmniAb will post -0.61 EPS for the current year.

Insider Transactions at OmniAb

In other OmniAb news, CEO Matthew W. Foehr sold 30,843 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $1.71, for a total transaction of $52,741.53. Following the sale, the chief executive officer owned 4,403,277 shares of the company’s stock, valued at approximately $7,529,603.67. This represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 84,389 shares of company stock valued at $143,959 in the last quarter. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Invesco Ltd. lifted its stake in shares of OmniAb by 9.9% in the 4th quarter. Invesco Ltd. now owns 136,309 shares of the company’s stock valued at $252,000 after purchasing an additional 12,258 shares during the period. Millennium Management LLC grew its stake in OmniAb by 135.6% during the fourth quarter. Millennium Management LLC now owns 673,395 shares of the company’s stock worth $1,246,000 after purchasing an additional 387,594 shares during the period. Boothbay Fund Management LLC acquired a new stake in OmniAb during the fourth quarter worth approximately $88,000. Bridgeway Capital Management LLC grew its stake in OmniAb by 29.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 198,900 shares of the company’s stock worth $368,000 after purchasing an additional 45,000 shares during the period. Finally, Cadian Capital Management LP grew its stake in OmniAb by 20.7% during the fourth quarter. Cadian Capital Management LP now owns 4,434,954 shares of the company’s stock worth $8,205,000 after purchasing an additional 759,386 shares during the period. 72.08% of the stock is owned by 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.