OmniAb (NASDAQ:OABI) Stock Jumps 3.1% – Should You Buy?

OmniAb, Inc. (NASDAQ:OABI) traded up 3.1% during mid-day trading on Wednesday. The company traded as high as $4.53 and last traded at $4.4850. Approximately 105,783 shares were traded during trading, a decline of 87% from the average session volume of 837,996 shares. The stock had previously closed at $4.35.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OABI. Weiss Ratings raised OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of OmniAb in a research report on Monday, August 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, OmniAb has an average rating of “Hold” and a consensus price target of $11.00.

OmniAb Stock Up 8.4%

The business has a 50-day simple moving average of $4.02 and a 200-day simple moving average of $2.72. The company has a market cap of $682.65 million, a PE ratio of -13.12 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.07. The business had revenue of $13.41 million for the quarter, compared to analysts’ expectations of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. As a group, equities research analysts predict that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On OmniAb

Several institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in shares of OmniAb in the second quarter valued at about $28,000. Canada Pension Plan Investment Board acquired a new stake in shares of OmniAb in the 2nd quarter worth approximately $37,000. Two Sigma Securities LLC purchased a new position in OmniAb in the 2nd quarter valued at approximately $39,000. State of Wyoming increased its position in shares of OmniAb by 101.7% in the first quarter. State of Wyoming now owns 24,694 shares of the company’s stock valued at $39,000 after buying an additional 12,451 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in OmniAb during the 2nd quarter valued at about $61,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

About OmniAb

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.