Benchmark Reaffirms “Buy” Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reiterated by equities researchers at Benchmark in a research report issued on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock. Benchmark’s target price indicates a potential upside of 106.19% from the stock’s current price.

Several other equities analysts have also recently weighed in on OABI. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of OmniAb in a research note on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $7.00 target price on shares of OmniAb in a research report on Friday, August 16th.

OmniAb Trading Down 4.7 %

OABI opened at $3.88 on Thursday. The stock has a market capitalization of $458.46 million, a P/E ratio of -6.26 and a beta of -0.12. OmniAb has a 12 month low of $3.56 and a 12 month high of $6.72. The firm’s fifty day simple moving average is $4.18 and its 200 day simple moving average is $4.27.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.02). The firm had revenue of $4.17 million during the quarter, compared to analyst estimates of $8.87 million. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. On average, equities research analysts predict that OmniAb will post -0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On OmniAb

Institutional investors and hedge funds have recently made changes to their positions in the stock. Palumbo Wealth Management LLC grew its stake in shares of OmniAb by 12.5% in the third quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company’s stock valued at $104,000 after buying an additional 2,744 shares in the last quarter. Sei Investments Co. grew its position in shares of OmniAb by 11.0% in the 2nd quarter. Sei Investments Co. now owns 29,024 shares of the company’s stock valued at $109,000 after acquiring an additional 2,888 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of OmniAb by 13.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 26,843 shares of the company’s stock worth $146,000 after purchasing an additional 3,108 shares during the last quarter. Simplicity Wealth LLC raised its holdings in shares of OmniAb by 23.3% in the 2nd quarter. Simplicity Wealth LLC now owns 42,160 shares of the company’s stock valued at $158,000 after purchasing an additional 7,976 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its stake in OmniAb by 64.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company’s stock valued at $96,000 after purchasing an additional 8,909 shares during 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.