Benchmark Has Lowered Expectations for OmniAb (NASDAQ:OABI) Stock Price

OmniAb (NASDAQ:OABI) had its price objective cut by equities researchers at Benchmark from $8.00 to $6.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 137.15% from the company’s current price.

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

OmniAb Stock Up 11.5 %

Shares of NASDAQ:OABI opened at $2.53 on Thursday. The firm’s 50 day moving average price is $3.34 and its 200-day moving average price is $3.77. OmniAb has a twelve month low of $2.23 and a twelve month high of $5.63. The stock has a market capitalization of $357.28 million, a PE ratio of -4.08 and a beta of -0.14.

OmniAb (NASDAQ:OABI) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.12) earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $10.13 million. During the same quarter in the prior year, the business earned ($0.14) EPS. Analysts expect that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John L. Higgins acquired 125,750 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $2.35 per share, with a total value of $295,512.50. Following the acquisition, the director now directly owns 2,762,887 shares in the company, valued at $6,492,784.45. This represents a 4.77 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kurt A. Gustafson sold 15,526 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total transaction of $50,304.24. Following the sale, the chief financial officer now directly owns 212,720 shares of the company’s stock, valued at approximately $689,212.80. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,260 shares of company stock valued at $376,601. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC purchased a new position in shares of OmniAb in the fourth quarter valued at $38,000. Choreo LLC purchased a new position in shares of OmniAb in the fourth quarter valued at $41,000. Rangeley Capital LLC purchased a new position in shares of OmniAb in the fourth quarter valued at $41,000. KLP Kapitalforvaltning AS purchased a new position in shares of OmniAb in the fourth quarter valued at $49,000. Finally, Walleye Capital LLC bought a new stake in OmniAb in the third quarter worth $61,000. 72.08% of the stock is 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.