Royal Bank of Canada Lowers OmniAb (NASDAQ:OABI) Price Target to $4.00

OmniAb (NASDAQ:OABI) had its target price cut by equities researchers at Royal Bank of Canada from $7.00 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 65.29% from the company’s previous close.

OABI has been the topic of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Wednesday, March 19th. Benchmark cut their price target on OmniAb from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, March 20th.

OmniAb Trading Down 2.0 %

OABI opened at $2.42 on Thursday. The company’s 50 day moving average is $3.26 and its 200-day moving average is $3.71. The company has a market cap of $341.74 million, a P/E ratio of -3.90 and a beta of -0.14. OmniAb has a 1-year low of $2.23 and a 1-year high of $5.54.

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

Insider Buying and Selling at OmniAb

In related news, CFO Kurt A. Gustafson sold 7,255 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $3.67, for a total value of $26,625.85. Following the transaction, the chief financial officer now owns 206,211 shares of the company’s stock, valued at approximately $756,794.37. This trade represents a 3.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew W. Foehr sold 13,964 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total value of $51,387.52. Following the sale, the chief executive officer now directly owns 3,798,682 shares of the company’s stock, valued at $13,979,149.76. This represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,260 shares of company stock valued at $376,601. Company insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

Several institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in OmniAb by 1.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,960,321 shares of the company’s stock worth $28,179,000 after purchasing an additional 88,993 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of OmniAb by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock valued at $10,711,000 after acquiring an additional 142,513 shares during the last quarter. Geode Capital Management LLC boosted its position in OmniAb by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company’s stock worth $8,333,000 after purchasing an additional 28,061 shares during the last quarter. State Street Corp grew its stake in OmniAb by 1.7% in the 3rd quarter. State Street Corp now owns 2,031,676 shares of the company’s stock valued at $8,594,000 after purchasing an additional 34,654 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of OmniAb by 582.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock worth $3,546,000 after purchasing an additional 854,929 shares during the period. 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.