Royal Bank of Canada Issues Pessimistic Forecast for OmniAb (NASDAQ:OABI) Stock Price

OmniAb (NASDAQ:OABI) had its price target trimmed by Royal Bank of Canada from $7.00 to $4.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently issued reports on OABI. Benchmark lowered their price target on OmniAb from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research report on Wednesday, March 19th.

OmniAb Stock Performance

OABI opened at $2.47 on Thursday. The firm has a market cap of $348.80 million, a P/E ratio of -3.98 and a beta of -0.14. The business has a 50 day moving average price of $3.28 and a 200 day moving average price of $3.72. OmniAb has a twelve month low of $2.23 and a twelve month high of $5.54.

OmniAb (NASDAQ:OABI) last posted its quarterly earnings data on Tuesday, March 18th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.01. OmniAb had a negative net margin of 308.78% and a negative return on equity of 20.97%. The business had revenue of $10.80 million during the quarter, compared to the consensus estimate of $10.13 million. During the same period in the prior year, the firm earned ($0.14) EPS. As a group, analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Activity at OmniAb

In other news, Director John L. Higgins acquired 125,750 shares of OmniAb stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $2.35 per share, for a total transaction of $295,512.50. Following the transaction, the director now owns 2,762,887 shares of the company’s stock, valued at $6,492,784.45. The trade was a 4.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kurt A. Gustafson sold 7,255 shares of OmniAb stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $3.67, for a total value of $26,625.85. Following the sale, the chief financial officer now directly owns 206,211 shares in the company, valued at $756,794.37. The trade was a 3.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,260 shares of company stock worth $376,601. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On OmniAb

A number of hedge funds have recently made changes to their positions in OABI. Janus Henderson Group PLC increased its stake in OmniAb by 1.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,960,321 shares of the company’s stock valued at $28,179,000 after acquiring an additional 88,993 shares during the period. Dimensional Fund Advisors LP boosted its holdings in OmniAb by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock valued at $10,711,000 after purchasing an additional 142,513 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of OmniAb by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company’s stock valued at $8,333,000 after purchasing an additional 28,061 shares during the period. State Street Corp raised its holdings in shares of OmniAb by 1.7% in the 3rd quarter. State Street Corp now owns 2,031,676 shares of the company’s stock worth $8,594,000 after buying an additional 34,654 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in OmniAb by 582.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock valued at $3,546,000 after buying an additional 854,929 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

About OmniAb

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.