OmniAb (NASDAQ:OABI) Given “Buy” Rating at Benchmark

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reaffirmed by research analysts at Benchmark in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $8.00 price target on the stock. Benchmark’s price target suggests a potential upside of 91.85% from the company’s previous close.

OABI has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $7.00 target price on shares of OmniAb in a research report on Friday, August 16th.

OmniAb Stock Performance

OABI opened at $4.17 on Monday. OmniAb has a one year low of $3.56 and a one year high of $6.72. The stock has a market capitalization of $490.45 million, a P/E ratio of -6.52 and a beta of -0.11. The business’s 50-day simple moving average is $4.26 and its 200-day simple moving average is $4.76.

OmniAb (NASDAQ:OABI) last announced its earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. OmniAb had a negative net margin of 301.62% and a negative return on equity of 19.93%. The business had revenue of $7.61 million for the quarter, compared to analysts’ expectations of $6.52 million. During the same period in the previous year, the company posted ($0.15) EPS. On average, equities research analysts forecast that OmniAb will post -0.66 EPS for the current fiscal year.

Insider Activity

In other news, CEO Matthew W. Foehr acquired 240,000 shares of OmniAb stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $4.42 per share, for a total transaction of $1,060,800.00. Following the completion of the purchase, the chief executive officer now directly owns 3,536,665 shares of the company’s stock, valued at approximately $15,632,059.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On OmniAb

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OABI. The Manufacturers Life Insurance Company bought a new stake in shares of OmniAb in the 2nd quarter worth $147,000. Squarepoint Ops LLC acquired a new position in OmniAb during the second quarter worth about $449,000. Sei Investments Co. raised its position in OmniAb by 11.0% in the second quarter. Sei Investments Co. now owns 29,024 shares of the company’s stock worth $109,000 after acquiring an additional 2,888 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of OmniAb by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock valued at $11,296,000 after purchasing an additional 194,835 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in OmniAb by 52.7% during the second quarter. American Century Companies Inc. now owns 110,036 shares of the company’s stock worth $413,000 after buying an additional 37,963 shares in the last quarter. 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.