OmniAb’s (OABI) Buy Rating Reaffirmed at HC Wainwright

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued on Thursday,Benzinga reports. They currently have a $11.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 170.27% from the company’s current price.

OABI has been the subject of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and issued a $7.00 price target on shares of OmniAb in a report on Friday, August 16th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of OmniAb in a research note on Monday, August 19th.

OmniAb Price Performance

OmniAb stock opened at $4.07 on Thursday. OmniAb has a 12 month low of $3.56 and a 12 month high of $6.72. The company has a market cap of $480.91 million, a price-to-earnings ratio of -6.56 and a beta of -0.12. The stock’s 50-day moving average is $4.19 and its 200-day moving average is $4.28.

OmniAb (NASDAQ:OABI) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.02). OmniAb had a negative return on equity of 20.77% and a negative net margin of 308.78%. The business had revenue of $4.17 million during the quarter, compared to analyst estimates of $8.87 million. Research analysts anticipate that OmniAb will post -0.58 EPS for the current year.

Institutional Investors Weigh In On OmniAb

A number of institutional investors have recently modified their holdings of OABI. CWC Advisors LLC. acquired a new stake in OmniAb during the third quarter valued at approximately $54,000. Bellevue Group AG bought a new position in OmniAb during the first quarter worth $62,000. Intech Investment Management LLC acquired a new position in OmniAb in the third quarter worth $70,000. China Universal Asset Management Co. Ltd. increased its stake in OmniAb by 64.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company’s stock valued at $96,000 after purchasing an additional 8,909 shares during the last quarter. Finally, Palumbo Wealth Management LLC raised its holdings in shares of OmniAb by 12.5% during the third quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company’s stock worth $104,000 after purchasing an additional 2,744 shares during the period. 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.