OmniAb (NASDAQ:OABI) Trading 1.4% Higher – Here’s What Happened

OmniAb, Inc. (NASDAQ:OABI)’s share price traded up 1.4% during trading on Tuesday . The company traded as high as $2.21 and last traded at $2.14. 545,976 shares changed hands during trading, a decline of 12% from the average daily volume of 620,178 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, OmniAb currently has an average rating of “Hold” and an average target price of $3.00.

OmniAb Price Performance

The firm has a market cap of $309.83 million, a PE ratio of -4.65 and a beta of 0.43. The business’s fifty day moving average is $2.31 and its 200-day moving average is $1.94.

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

Institutional Investors Weigh In On OmniAb

A number of hedge funds have recently modified their holdings of OABI. AQR Capital Management LLC bought a new position in OmniAb during the first quarter valued at $25,000. Jane Street Group LLC raised its stake in shares of OmniAb by 26.3% in the first quarter. Jane Street Group LLC now owns 80,778 shares of the company’s stock valued at $194,000 after buying an additional 16,823 shares during the period. JPMorgan Chase & Co. raised its stake in shares of OmniAb by 28.3% in the second quarter. JPMorgan Chase & Co. now owns 793,734 shares of the company’s stock valued at $1,381,000 after buying an additional 175,297 shares during the period. Rhumbline Advisers lifted its position in shares of OmniAb by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 160,728 shares of the company’s stock valued at $280,000 after buying an additional 9,163 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of OmniAb by 17.0% during the 2nd quarter. Invesco Ltd. now owns 109,613 shares of the company’s stock valued at $191,000 after buying an additional 15,912 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

About OmniAb

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.