OmniAb (NASDAQ:OABI) Hits New 1-Year Low at $4.08

OmniAb, Inc. (NASDAQ:OABI)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $4.08 and last traded at $4.26, with a volume of 357382 shares trading hands. The stock had previously closed at $4.14.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OABI. Royal Bank of Canada reissued an “outperform” rating and issued a $7.00 target price on shares of OmniAb in a report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and issued a $10.00 price objective on shares of OmniAb in a research report on Tuesday, March 26th. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a research report on Tuesday, May 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research report on Thursday, March 21st.

OmniAb Price Performance

The firm has a market cap of $545.71 million, a PE ratio of -7.19 and a beta of -0.08. The business has a 50-day moving average price of $4.69 and a two-hundred day moving average price of $5.26.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02). OmniAb had a negative net margin of 301.62% and a negative return on equity of 19.93%. The firm had revenue of $3.80 million during the quarter, compared to analysts’ expectations of $6.00 million. During the same quarter in the prior year, the business earned ($0.06) EPS. Equities analysts expect that OmniAb, Inc. will post -0.66 earnings per share for the current fiscal year.

Insider Activity at OmniAb

In related news, CEO Matthew W. Foehr acquired 240,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $4.42 per share, with a total value of $1,060,800.00. Following the completion of the purchase, the chief executive officer now directly owns 3,536,665 shares in the company, valued at $15,632,059.30. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Kurt A. Gustafson sold 6,954 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $5.27, for a total transaction of $36,647.58. Following the sale, the chief financial officer now owns 176,697 shares of the company’s stock, valued at $931,193.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew W. Foehr acquired 240,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $4.42 per share, for a total transaction of $1,060,800.00. Following the purchase, the chief executive officer now owns 3,536,665 shares of the company’s stock, valued at $15,632,059.30. The disclosure for this purchase can be found here. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

A number of hedge funds have recently added to or reduced their stakes in OABI. Principal Financial Group Inc. boosted its stake in OmniAb by 15.9% in the 3rd quarter. Principal Financial Group Inc. now owns 35,660 shares of the company’s stock worth $185,000 after buying an additional 4,880 shares during the last quarter. Jump Financial LLC acquired a new stake in OmniAb in the 3rd quarter worth about $100,000. Swiss National Bank boosted its stake in OmniAb by 2.5% in the 3rd quarter. Swiss National Bank now owns 190,603 shares of the company’s stock worth $989,000 after buying an additional 4,700 shares during the last quarter. Deutsche Bank AG boosted its stake in OmniAb by 1.1% in the 3rd quarter. Deutsche Bank AG now owns 580,969 shares of the company’s stock worth $3,015,000 after buying an additional 6,325 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in OmniAb by 2.9% in the 3rd quarter. William Blair Investment Management LLC now owns 2,862,656 shares of the company’s stock worth $14,857,000 after buying an additional 80,906 shares during the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.

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.