OmniAb (NASDAQ:OABI) Given New $4.00 Price Target at Royal Bank of Canada

OmniAb (NASDAQ:OABI) had its price target cut by Royal Bank of Canada from $7.00 to $4.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

OABI has been the subject of several other reports. HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research report on Wednesday, March 19th. Benchmark cut their price target on OmniAb from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, March 20th.

OmniAb Price Performance

OABI opened at $2.42 on Thursday. The company’s 50 day moving average price is $3.26 and its two-hundred day moving average price is $3.71. The firm has a market capitalization of $341.74 million, a price-to-earnings ratio of -3.90 and a beta of -0.14. OmniAb has a fifty-two week low of $2.23 and a fifty-two week high of $5.54.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The firm had revenue of $10.80 million for the quarter, compared to analyst estimates of $10.13 million. During the same quarter in the previous year, the company posted ($0.14) EPS. As a group, equities research analysts predict that OmniAb will post -0.61 EPS for the current year.

Insiders Place Their Bets

In other news, Director John L. Higgins acquired 125,750 shares of OmniAb stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $2.35 per share, with a total value of $295,512.50. Following the completion of the acquisition, the director now owns 2,762,887 shares in the company, valued at approximately $6,492,784.45. This trade represents a 4.77 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charles S. Berkman sold 25,489 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $82,584.36. Following the transaction, the insider now directly owns 343,190 shares in the company, valued at $1,111,935.60. This represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,260 shares of company stock valued at $376,601 in the last three months. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OmniAb

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OABI. Invesco Ltd. grew its position in shares of OmniAb by 3.3% in the fourth quarter. Invesco Ltd. now owns 93,653 shares of the company’s stock valued at $332,000 after purchasing an additional 2,997 shares in the last quarter. Connors Investor Services Inc. grew its holdings in OmniAb by 18.4% during the 4th quarter. Connors Investor Services Inc. now owns 29,611 shares of the company’s stock valued at $105,000 after buying an additional 4,611 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of OmniAb by 16.5% in the fourth quarter. SG Americas Securities LLC now owns 40,609 shares of the company’s stock worth $144,000 after buying an additional 5,751 shares in the last quarter. Sherbrooke Park Advisers LLC grew its stake in OmniAb by 53.5% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company’s stock valued at $61,000 after acquiring an additional 6,001 shares in the last quarter. Finally, Isthmus Partners LLC increased its holdings in OmniAb by 1.6% during the 4th quarter. Isthmus Partners LLC now owns 453,135 shares of the company’s stock worth $1,604,000 after acquiring an additional 7,001 shares during the period. Institutional investors own 72.08% of the company’s stock.

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.