OmniAb (NASDAQ:OABI) Given New $6.00 Price Target at Benchmark

OmniAb (NASDAQ:OABI) had its target price cut by Benchmark from $8.00 to $6.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research note on Wednesday.

OmniAb Stock Up 11.5 %

Shares of OABI opened at $2.53 on Thursday. OmniAb has a 12-month low of $2.23 and a 12-month high of $5.63. The firm has a market capitalization of $357.28 million, a price-to-earnings ratio of -4.08 and a beta of -0.14. The stock’s 50-day moving average price is $3.34 and its 200 day moving average price is $3.77.

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

Insider Buying and Selling

In related news, insider Charles S. Berkman sold 8,215 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total transaction of $30,231.20. Following the sale, the insider now directly owns 364,131 shares in the company, valued at $1,340,002.08. This represents a 2.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew W. Foehr sold 41,811 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $135,467.64. Following the sale, the chief executive officer now owns 3,749,639 shares in the company, valued at approximately $12,148,830.36. This trade represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,260 shares of company stock worth $376,601 in the last three months. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in OmniAb by 1.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,960,321 shares of the company’s stock worth $28,179,000 after buying an additional 88,993 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in OmniAb by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock worth $10,711,000 after buying an additional 142,513 shares in the last quarter. Geode Capital Management LLC lifted its holdings in OmniAb by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company’s stock worth $8,333,000 after buying an additional 28,061 shares in the last quarter. State Street Corp lifted its holdings in OmniAb by 1.7% during 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. lifted its holdings in OmniAb by 582.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock worth $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.