OmniAb (NASDAQ:OABI) Trading Down 0.9% – Here’s Why

Shares of OmniAb, Inc. (NASDAQ:OABI) were down 0.9% on Monday . The stock traded as low as $2.26 and last traded at $2.32. 551,821 shares traded hands during trading, an increase of 9% from the average session volume of 507,589 shares. The stock had previously closed at $2.34.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on OABI shares. Benchmark restated a “buy” rating on shares of OmniAb in a research report on Friday, March 6th. Wall Street Zen raised shares of OmniAb from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, OmniAb presently has an average rating of “Hold” and an average price target of $3.00.

OmniAb Stock Performance

The firm has a market cap of $335.89 million, a P/E ratio of -5.04 and a beta of 0.41. The firm has a fifty day moving average of $2.03 and a 200-day moving average of $1.90.

OmniAb (NASDAQ:OABI) last issued its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. OmniAb had a negative return on equity of 20.31% and a negative net margin of 187.59%.The firm had revenue of $14.43 million for the quarter, compared to analyst estimates of $5.60 million. Equities research analysts expect that OmniAb, Inc. will post -0.39 earnings per share for the current year.

Insider Activity at OmniAb

In other news, CEO Matthew W. Foehr sold 19,244 shares of the company’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $1.49, for a total transaction of $28,673.56. Following the completion of the transaction, the chief executive officer owned 4,420,492 shares in the company, valued at approximately $6,586,533.08. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 33,314 shares of company stock worth $49,638 in the last three months. 9.80% of the stock is currently owned by corporate insiders.

Institutional Trading of OmniAb

Hedge funds have recently bought and sold shares of the company. Woodline Partners LP acquired a new position in OmniAb during the 3rd quarter valued at about $4,571,000. Kent Lake PR LLC increased its stake in shares of OmniAb by 677.8% in the second quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company’s stock valued at $3,045,000 after purchasing an additional 1,525,000 shares during the period. ADAR1 Capital Management LLC increased its stake in shares of OmniAb by 234.4% in the third quarter. ADAR1 Capital Management LLC now owns 1,090,628 shares of the company’s stock valued at $1,745,000 after purchasing an additional 764,520 shares during the period. Cadian Capital Management LP raised its holdings in shares of OmniAb by 20.7% during the fourth quarter. Cadian Capital Management LP now owns 4,434,954 shares of the company’s stock valued at $8,205,000 after buying an additional 759,386 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of OmniAb by 17.0% during the fourth quarter. Geode Capital Management LLC now owns 2,722,692 shares of the company’s stock valued at $5,038,000 after buying an additional 396,456 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors.

OmniAb Company Profile

OmniAb, Inc (NASDAQ: OABI) operates as a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s integrated antibody discovery platform combines proprietary transgenic animal models, in vitro screening, and in silico engineering to accelerate lead identification and optimization. OmniAb offers both fee-for-service collaborations and license agreements, enabling biopharmaceutical partners to leverage its suite of technologies for programs spanning oncology, immunology, and other therapeutic areas.

Founded in 2016 and headquartered in Seattle, Washington, OmniAb went public in May 2021.