OmniAb (NASDAQ:OABI) Shares Down 5.5%

OmniAb, Inc. (NASDAQ:OABI) shares fell 5.5% during trading on Friday . The stock traded as low as $4.47 and last traded at $4.47. 272,312 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 532,963 shares. The stock had previously closed at $4.73.

Wall Street Analyst Weigh In

OABI has been the topic of a number of research analyst reports. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of OmniAb in a report on Monday, August 19th. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research note on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $7.00 price objective on shares of OmniAb in a research report on Friday, August 16th.

OmniAb Stock Down 5.5 %

The firm’s fifty day simple moving average is $4.40 and its 200-day simple moving average is $4.57. The firm has a market capitalization of $525.74 million, a PE ratio of -7.39 and a beta of -0.13.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings results 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. OmniAb had a negative return on equity of 20.21% and a negative net margin of 287.29%. The firm had revenue of $7.61 million for the quarter, compared to the consensus estimate of $6.52 million. During the same period in the prior year, the company posted ($0.15) earnings per share. As a group, analysts predict that OmniAb, Inc. will post -0.58 earnings per share for the current year.

Institutional Investors Weigh In On OmniAb

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new position in shares of OmniAb during the 2nd quarter valued at $147,000. Squarepoint Ops LLC bought a new position in OmniAb in the second quarter valued at about $449,000. Sei Investments Co. lifted its holdings in OmniAb by 11.0% in the second 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. Dimensional Fund Advisors LP grew its stake in shares of OmniAb by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock valued at $11,296,000 after purchasing an additional 194,835 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of OmniAb by 52.7% in the 2nd quarter. American Century Companies Inc. now owns 110,036 shares of the company’s stock worth $413,000 after purchasing an additional 37,963 shares during the period. Hedge funds and other 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.