OmniAb (NASDAQ:OABI) Shares Down 5.5% – Time to Sell?

OmniAb, Inc. (NASDAQ:OABI)’s stock price dropped 5.5% during mid-day trading on Friday . The stock traded as low as $3.75 and last traded at $3.78. Approximately 101,346 shares traded hands during trading, a decline of 80% from the average daily volume of 501,356 shares. The stock had previously closed at $4.00.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $7.00 price target on shares of OmniAb in a report on Friday, August 16th. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Thursday, November 14th. Finally, Benchmark reissued a “buy” rating and set a $8.00 target price on shares of OmniAb in a research report on Thursday, November 14th.

OmniAb Stock Performance

The company’s 50-day moving average is $4.04 and its two-hundred day moving average is $4.20.

Institutional Investors Weigh In On OmniAb

A number of hedge funds and other institutional investors have recently bought and sold shares of OABI. Palumbo Wealth Management LLC grew its stake in OmniAb by 12.5% during the third quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company’s stock worth $104,000 after purchasing an additional 2,744 shares during the period. Sei Investments Co. grew its position in shares of OmniAb by 11.0% during 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 raised its stake in OmniAb by 13.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 26,843 shares of the company’s stock valued at $146,000 after acquiring an additional 3,108 shares during the period. China Universal Asset Management Co. Ltd. raised its position in shares of OmniAb by 64.5% in the third 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 period. Finally, CWC Advisors LLC. bought a new position in OmniAb in the 3rd quarter worth about $54,000. 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.