HC Wainwright Reaffirms Buy Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $11.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 244.83% from the company’s previous close.

OmniAb Stock Performance

NASDAQ OABI opened at $3.19 on Wednesday. The company has a market capitalization of $450.48 million, a price-to-earnings ratio of -5.15 and a beta of -0.14. The company’s 50-day simple moving average is $3.41 and its two-hundred day simple moving average is $3.80. OmniAb has a one year low of $3.05 and a one year high of $5.72.

OmniAb (NASDAQ:OABI) last posted its earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $10.80 million for the quarter, compared to the consensus estimate of $10.13 million. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. During the same quarter last year, the firm posted ($0.14) EPS. Equities analysts expect that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at OmniAb

In other news, CEO Matthew W. Foehr sold 13,964 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total value of $51,387.52. Following the sale, the chief executive officer now directly owns 3,798,682 shares in the company, valued at approximately $13,979,149.76. This trade represents a 0.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charles S. Berkman sold 8,215 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total transaction of $30,231.20. Following the completion of the sale, the insider now owns 364,131 shares in the company, valued at $1,340,002.08. This represents a 2.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,260 shares of company stock valued at $376,601. Company insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

A number of institutional investors have recently modified their holdings of OABI. Hsbc Holdings PLC acquired a new stake in OmniAb in the 4th quarter worth approximately $38,000. Choreo LLC acquired a new stake in OmniAb in the 4th quarter worth approximately $41,000. Rangeley Capital LLC acquired a new stake in OmniAb in the 4th quarter worth approximately $41,000. KLP Kapitalforvaltning AS acquired a new stake in OmniAb in the 4th quarter worth approximately $49,000. Finally, Walleye Capital LLC acquired a new stake in OmniAb in the 3rd quarter worth approximately $61,000. 72.08% of the stock is currently owned by institutional investors.

OmniAb Company Profile

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.