Insider Buying: OmniAb, Inc. (NASDAQ:OABI) Director Buys 65,000 Shares of Stock

OmniAb, Inc. (NASDAQ:OABI) Director John L. Higgins purchased 65,000 shares of the stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $1.44 per share, for a total transaction of $93,600.00. Following the transaction, the director now directly owns 2,831,887 shares of the company’s stock, valued at $4,077,917.28. This represents a 2.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

OmniAb Stock Performance

NASDAQ:OABI opened at $1.40 on Wednesday. OmniAb, Inc. has a one year low of $1.35 and a one year high of $4.96. The stock has a market cap of $170.99 million, a PE ratio of -2.26 and a beta of 0.10. The stock has a 50 day moving average price of $2.17 and a 200 day moving average price of $3.17.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on OABI shares. Royal Bank of Canada reduced their target price on OmniAb from $7.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, March 27th. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of OmniAb in a report on Wednesday, March 19th. Finally, Benchmark reissued a “buy” rating and set a $6.00 target price on shares of OmniAb in a report on Monday.

Institutional Investors Weigh In On OmniAb

Several hedge funds and other institutional investors have recently made changes to their positions in OABI. Cerity Partners LLC acquired a new stake in shares of OmniAb in the first quarter valued at approximately $26,000. Hsbc Holdings PLC acquired a new stake in shares of OmniAb in the fourth quarter valued at approximately $38,000. PNC Financial Services Group Inc. increased its holdings in shares of OmniAb by 279.4% in the first quarter. PNC Financial Services Group Inc. now owns 16,276 shares of the company’s stock valued at $39,000 after purchasing an additional 11,986 shares during the last quarter. Choreo LLC acquired a new stake in OmniAb during the fourth quarter worth $41,000. Finally, Rangeley Capital LLC acquired a new stake in OmniAb during the fourth quarter worth $41,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

OmniAb Company Profile

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.