OmniAb (NASDAQ:OABI) Sets New 52-Week High – Time to Buy?

OmniAb, Inc. (NASDAQ:OABI) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $4.65 and last traded at $4.6840, with a volume of 1415824 shares. The stock had previously closed at $4.33.

Analyst Upgrades and Downgrades

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

OmniAb Stock Up 8.8%

The firm has a fifty day moving average price of $2.52 and a 200 day moving average price of $2.09. The company has a market cap of $681.91 million, a P/E ratio of -13.08 and a beta of 0.45.

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

Hedge Funds Weigh In On OmniAb

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new stake in shares of OmniAb in the first quarter valued at approximately $25,000. Jane Street Group LLC lifted its holdings in OmniAb by 26.3% during the 1st quarter. Jane Street Group LLC now owns 80,778 shares of the company’s stock worth $194,000 after buying an additional 16,823 shares in the last quarter. JPMorgan Chase & Co. boosted its position in OmniAb by 28.3% in the 2nd 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 last quarter. Rhumbline Advisers increased its stake in shares of OmniAb by 6.0% in 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 period. Finally, Invesco Ltd. raised its position in shares of OmniAb by 17.0% during the second quarter. Invesco Ltd. now owns 109,613 shares of the company’s stock worth $191,000 after acquiring an additional 15,912 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

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.