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

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reaffirmed by stock analysts at Benchmark in a research note issued on Monday, Benzinga reports. They currently have a $8.00 price target on the stock. Benchmark’s price target would suggest a potential upside of 91.85% from the company’s current price.

A number of other equities research analysts have also commented on OABI. HC Wainwright reissued a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $7.00 price target on shares of OmniAb in a research note on Friday, August 16th.

OmniAb Price Performance

NASDAQ OABI opened at $4.17 on Monday. The company’s fifty day moving average is $4.26 and its two-hundred day moving average is $4.76. OmniAb has a 52-week low of $3.56 and a 52-week high of $6.72. The firm has a market capitalization of $490.45 million, a price-to-earnings ratio of -6.52 and a beta of -0.11.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. The company had revenue of $7.61 million during the quarter, compared to analysts’ expectations of $6.52 million. OmniAb had a negative return on equity of 19.93% and a negative net margin of 301.62%. During the same period last year, the business earned ($0.15) earnings per share. As a group, sell-side analysts expect that OmniAb will post -0.66 earnings per share for the current fiscal year.

Insider Activity at OmniAb

In related news, CEO Matthew W. Foehr acquired 240,000 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $4.42 per share, with a total value of $1,060,800.00. Following the completion of the transaction, the chief executive officer now directly owns 3,536,665 shares of the company’s stock, valued at $15,632,059.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OABI. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of OmniAb by 8.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,903 shares of the company’s stock valued at $234,000 after purchasing an additional 2,902 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in OmniAb during the fourth quarter worth approximately $546,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of OmniAb by 56.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,772 shares of the company’s stock worth $116,000 after acquiring an additional 6,755 shares during the period. Federated Hermes Inc. bought a new stake in shares of OmniAb during the fourth quarter worth approximately $38,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of OmniAb by 22.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,705 shares of the company’s stock worth $78,000 after acquiring an additional 2,364 shares during the period. 72.08% of the stock is owned by institutional investors and hedge funds.

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.