OmniAb (NASDAQ:OABI) Stock Jumps 7.6% – Time to Buy?

Shares of OmniAb, Inc. (NASDAQ:OABI) traded up 7.6% during trading on Tuesday. The stock traded as high as $4.99 and last traded at $5.0470. 186,093 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 846,666 shares. The stock had previously closed at $4.69.

Wall Street Analyst Weigh In

Several research analysts have commented on OABI shares. Weiss Ratings raised shares of OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Leerink Partners upped their price objective on OmniAb from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of OmniAb in a report on Monday, August 17th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, OmniAb has an average rating of “Moderate Buy” and an average price target of $11.50.

OmniAb Price Performance

The stock’s 50-day simple moving average is $4.51 and its two-hundred day simple moving average is $2.96. The firm has a market cap of $710.88 million, a P/E ratio of -13.64 and a beta of 0.60.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.07. The firm had revenue of $13.41 million during the quarter, compared to analysts’ expectations of $4.69 million. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. As a group, sell-side analysts expect that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On OmniAb

A number of hedge funds have recently added to or reduced their stakes in OABI. Legal & General Group Plc bought a new stake in OmniAb during the 2nd quarter valued at $28,000. Canada Pension Plan Investment Board purchased a new stake in shares of OmniAb in the 2nd quarter worth approximately $37,000. Two Sigma Securities LLC bought a new position in shares of OmniAb during the second quarter valued at approximately $39,000. State of Wyoming increased its holdings in OmniAb by 101.7% during 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 during the period. Finally, The Manufacturers Life Insurance Company bought a new position in OmniAb in the second quarter worth approximately $61,000. 72.08% of the stock is currently owned by institutional investors.

OmniAb Company Profile

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.