Benchmark Lowers OmniAb (NASDAQ:OABI) Price Target to $6.00

OmniAb (NASDAQ:OABI) had its target price cut by equities researchers at Benchmark from $8.00 to $6.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 137.15% from the stock’s current price.

Separately, HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of OmniAb in a research report on Wednesday.

OmniAb Stock Up 11.5 %

Shares of OABI opened at $2.53 on Thursday. The company has a market cap of $357.28 million, a PE ratio of -4.08 and a beta of -0.14. The business has a fifty day moving average of $3.34 and a 200 day moving average of $3.77. OmniAb has a 52-week low of $2.23 and a 52-week high of $5.63.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping 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 company had revenue of $10.80 million during the quarter, compared to the consensus estimate of $10.13 million. During the same period last year, the company earned ($0.14) earnings per share. As a group, research analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Activity at OmniAb

In related news, CFO Kurt A. Gustafson sold 7,255 shares of OmniAb stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $3.67, for a total value of $26,625.85. Following the completion of the sale, the chief financial officer now directly owns 206,211 shares in the company, valued at $756,794.37. The trade was a 3.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John L. Higgins acquired 125,750 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $2.35 per share, with a total value of $295,512.50. Following the completion of the acquisition, the director now directly owns 2,762,887 shares of the company’s stock, valued at $6,492,784.45. This represents a 4.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 112,260 shares of company stock worth $376,601 over the last three months. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OmniAb

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its stake in shares of OmniAb by 3.3% during the fourth quarter. Invesco Ltd. now owns 93,653 shares of the company’s stock worth $332,000 after acquiring an additional 2,997 shares during the last quarter. Connors Investor Services Inc. grew its stake in shares of OmniAb by 18.4% during the fourth quarter. Connors Investor Services Inc. now owns 29,611 shares of the company’s stock worth $105,000 after acquiring an additional 4,611 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of OmniAb by 16.5% during the fourth quarter. SG Americas Securities LLC now owns 40,609 shares of the company’s stock worth $144,000 after acquiring an additional 5,751 shares during the last quarter. Sherbrooke Park Advisers LLC grew its stake in shares of OmniAb by 53.5% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company’s stock worth $61,000 after acquiring an additional 6,001 shares during the last quarter. Finally, Isthmus Partners LLC grew its stake in shares of OmniAb by 1.6% during the fourth 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 last quarter. Hedge funds and other institutional investors 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.