OmniAb (NASDAQ:OABI) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

OmniAb (NASDAQ:OABI) posted its earnings results on Tuesday. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02), reports. The business had revenue of $4.17 million during the quarter, compared to analyst estimates of $8.87 million. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%.

OmniAb Stock Performance

OABI opened at $4.07 on Friday. OmniAb has a fifty-two week low of $3.56 and a fifty-two week high of $6.72. The firm has a 50-day moving average of $4.19 and a 200 day moving average of $4.28.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OABI. CWC Advisors LLC. bought a new position in OmniAb in the 3rd quarter worth about $54,000. Walleye Capital LLC purchased a new position in OmniAb in the 3rd quarter worth approximately $61,000. Bellevue Group AG purchased a new stake in shares of OmniAb during the first quarter valued at approximately $62,000. Intech Investment Management LLC purchased a new stake in shares of OmniAb during the third quarter valued at approximately $70,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of OmniAb by 64.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company’s stock worth $96,000 after buying an additional 8,909 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OABI. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of OmniAb in a research note on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $7.00 price objective on shares of OmniAb in a research report on Friday, August 16th. Finally, HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of OmniAb in a research report on Thursday.

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.