Benchmark Lowers OmniAb (NASDAQ:OABI) Price Target to $6.00

OmniAb (NASDAQ:OABI) had its price target reduced by analysts at Benchmark from $8.00 to $6.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 144.90% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research note on Wednesday.

OmniAb Trading Down 3.5 %

NASDAQ OABI traded down $0.09 during trading hours on Thursday, hitting $2.45. 461,671 shares of the company’s stock were exchanged, compared to its average volume of 526,510. The stock has a 50-day simple moving average of $3.39 and a 200 day simple moving average of $3.79. OmniAb has a 1-year low of $2.41 and a 1-year high of $5.72. The firm has a market cap of $345.98 million, a price-to-earnings ratio of -3.95 and a beta of -0.14.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings data on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The firm had revenue of $10.80 million during the quarter, compared to analysts’ expectations of $10.13 million. During the same quarter last year, the firm posted ($0.14) earnings per share. On average, sell-side analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Charles S. Berkman sold 25,489 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $82,584.36. Following the transaction, the insider now owns 343,190 shares in the company, valued at $1,111,935.60. This trade represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew W. Foehr sold 13,964 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total value of $51,387.52. Following the completion of the transaction, the chief executive officer now owns 3,798,682 shares in the company, valued at $13,979,149.76. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,260 shares of company stock worth $376,601 over the last 90 days. 8.60% of the stock is currently owned by corporate insiders.

Institutional Trading of OmniAb

Hedge funds have recently bought and sold shares of the business. Barclays PLC lifted its holdings in OmniAb by 321.5% during the third quarter. Barclays PLC now owns 143,215 shares of the company’s stock worth $606,000 after acquiring an additional 109,236 shares during the period. FMR LLC lifted its holdings in OmniAb by 10.6% during the third quarter. FMR LLC now owns 138,813 shares of the company’s stock worth $587,000 after acquiring an additional 13,324 shares during the period. Atria Investments Inc bought a new stake in OmniAb during the third quarter worth $148,000. Murchinson Ltd. bought a new stake in OmniAb during the third quarter worth $4,230,000. Finally, State Street Corp lifted its holdings in 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 acquiring an additional 34,654 shares during the period. 72.08% of the stock is currently 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.