OmniAb (NASDAQ:OABI) Shares Up 6.1% – Here’s What Happened

OmniAb, Inc. (NASDAQ:OABI) shot up 6.1% on Thursday . The company traded as high as $3.89 and last traded at $3.90. 225,189 shares changed hands during trading, a decline of 53% from the average session volume of 480,724 shares. The stock had previously closed at $3.67.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of OmniAb in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Thursday, November 14th.

OmniAb Trading Down 5.9 %

The firm’s fifty day moving average price is $3.48 and its two-hundred day moving average price is $3.90. The stock has a market capitalization of $515.45 million, a PE ratio of -5.89 and a beta of -0.12.

Insiders Place Their Bets

In related news, insider Charles S. Berkman sold 25,489 shares of OmniAb stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $82,584.36. Following the sale, the insider now directly owns 343,190 shares in the company, valued at approximately $1,111,935.60. The trade was a 6.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew W. Foehr sold 41,811 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $135,467.64. Following the completion of the transaction, the chief executive officer now owns 3,749,639 shares in the company, valued at approximately $12,148,830.36. This trade represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,260 shares of company stock worth $376,601. Company insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

Several large investors have recently made changes to their positions in OABI. Murchinson Ltd. purchased a new stake in shares of OmniAb during the third quarter worth $4,230,000. JPMorgan Chase & Co. boosted its position in OmniAb by 582.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock worth $3,546,000 after acquiring an additional 854,929 shares during the last quarter. Royce & Associates LP grew its stake in OmniAb by 438.6% during the 4th quarter. Royce & Associates LP now owns 707,080 shares of the company’s stock valued at $2,503,000 after acquiring an additional 575,796 shares in the last quarter. Rice Hall James & Associates LLC raised its holdings in OmniAb by 6.4% in the 3rd 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 during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in OmniAb by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock worth $10,711,000 after purchasing an additional 142,513 shares in the last quarter. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

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.