HC Wainwright Reaffirms Buy Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $11.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 384.58% from the stock’s previous close.

OmniAb Trading Down 10.6 %

NASDAQ OABI opened at $2.27 on Wednesday. The firm has a market cap of $320.56 million, a price-to-earnings ratio of -3.66 and a beta of -0.14. The company has a 50 day moving average of $3.36 and a 200-day moving average of $3.78. OmniAb has a 1-year low of $2.23 and a 1-year high of $5.72.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. The business had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $10.13 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. On average, analysts forecast that OmniAb will post -0.61 earnings per share for the current year.

Insider Activity

In other OmniAb news, CEO Matthew W. Foehr sold 41,811 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $135,467.64. Following the transaction, the chief executive officer now directly owns 3,749,639 shares of the company’s stock, valued at approximately $12,148,830.36. This trade represents a 1.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charles S. Berkman sold 25,489 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total transaction of $82,584.36. Following the completion of the transaction, the insider now directly owns 343,190 shares in the company, valued at approximately $1,111,935.60. The trade was a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,260 shares of company stock valued at $376,601 over the last three months. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On OmniAb

A number of hedge funds and other institutional investors have recently bought and sold shares of OABI. Murchinson Ltd. bought a new position in OmniAb in the third quarter valued at approximately $4,230,000. JPMorgan Chase & Co. boosted its position in shares of OmniAb by 582.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock worth $3,546,000 after purchasing an additional 854,929 shares in the last quarter. Royce & Associates LP boosted its position in shares of OmniAb by 438.6% during the fourth quarter. Royce & Associates LP now owns 707,080 shares of the company’s stock worth $2,503,000 after purchasing an additional 575,796 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of OmniAb by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock worth $10,711,000 after purchasing an additional 142,513 shares in the last quarter. Finally, Northeast Financial Consultants Inc bought a new position in shares of OmniAb during the fourth quarter worth $393,000. 72.08% of the stock is owned by institutional investors.

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.