OmniAb, Inc. (NASDAQ:OABI – Get Free Report) shares shot up 3.1% on Wednesday. The stock traded as high as $4.53 and last traded at $4.4850. 105,783 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 837,996 shares. The stock had previously closed at $4.35.
Wall Street Analyst Weigh In
Several research firms have issued reports on OABI. HC Wainwright reiterated a “buy” rating and issued a $11.00 target price on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.00.
Read Our Latest Stock Analysis on OABI
OmniAb Trading Up 8.4%
OmniAb (NASDAQ:OABI – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.07. The firm had revenue of $13.41 million during the quarter, compared to analyst estimates of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. As a group, sell-side analysts forecast that OmniAb, Inc. will post -0.35 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Whitefort Capital Management LP bought a new stake in shares of OmniAb in the second quarter worth about $25,211,699. BlackRock Inc. purchased a new position in shares of OmniAb during the 2nd quarter worth about $21,888,000. Rice Hall James & Associates LLC bought a new position in shares of OmniAb during the second quarter valued at approximately $6,422,000. State Street Corp grew its position in OmniAb by 3.2% in the 2nd quarter. State Street Corp now owns 2,133,549 shares of the company’s stock valued at $5,249,000 after acquiring an additional 66,406 shares during the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in OmniAb in the 2nd quarter worth about $2,331,000. Hedge funds and other institutional investors own 72.08% of the company’s stock.
About OmniAb
OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.
The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.
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