OmniAb (NASDAQ:OABI) Hits New 1-Year Low – Should You Sell?

OmniAb, Inc. (NASDAQ:OABI) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $3.54 and last traded at $3.59, with a volume of 749398 shares. The stock had previously closed at $3.76.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a research note on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a research report on Thursday, November 14th.

OmniAb Stock Down 5.3 %

The firm has a market cap of $502.73 million, a price-to-earnings ratio of -5.74 and a beta of -0.14. The firm has a 50 day moving average of $4.03 and a 200 day moving average of $4.18.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in OmniAb by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock worth $11,296,000 after buying an additional 194,835 shares during the period. Rice Hall James & Associates LLC increased its holdings in shares of OmniAb by 6.4% during the third quarter. Rice Hall James & Associates LLC now owns 2,722,321 shares of the company’s stock valued at $11,515,000 after acquiring an additional 163,038 shares in the last quarter. State Street Corp raised its position in shares of OmniAb by 1.7% during the third quarter. State Street Corp now owns 2,031,676 shares of the company’s stock worth $8,594,000 after purchasing an additional 34,654 shares during the period. Murchinson Ltd. bought a new position in shares of OmniAb in the 3rd quarter worth $4,230,000. Finally, Woodstock Corp grew its position in OmniAb by 5.6% in the 3rd quarter. Woodstock Corp now owns 792,853 shares of the company’s stock valued at $3,354,000 after purchasing an additional 42,310 shares during the period. 72.08% of the stock is owned by institutional investors.

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.