Royal Bank of Canada Cuts OmniAb (NASDAQ:OABI) Price Target to $4.00

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

Other equities research analysts also recently issued reports about the stock. Benchmark cut their target price on shares of OmniAb from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of OmniAb in a research note on Wednesday, March 19th.

OmniAb Price Performance

Shares of NASDAQ:OABI opened at $2.42 on Thursday. The company’s 50-day moving average price is $3.26 and its two-hundred day moving average price is $3.71. OmniAb has a one year low of $2.23 and a one year high of $5.54. The stock has a market capitalization of $341.74 million, a PE ratio of -3.90 and a beta of -0.14.

OmniAb (NASDAQ:OABI) last posted its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $10.80 million during the quarter, compared to the consensus estimate of $10.13 million. During the same period last year, the company earned ($0.14) earnings per share. On average, analysts anticipate that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at OmniAb

In other OmniAb news, CEO Matthew W. Foehr sold 41,811 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $135,467.64. Following the completion of the sale, the chief executive officer now owns 3,749,639 shares of the company’s stock, valued at $12,148,830.36. The trade was a 1.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Charles S. Berkman sold 8,215 shares of the firm’s 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 transaction, 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 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 valued at $376,601 in the last ninety days. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC bought a new position in OmniAb in the 4th quarter valued at about $38,000. Choreo LLC acquired a new position in OmniAb during the fourth quarter valued at approximately $41,000. Rangeley Capital LLC bought a new stake in OmniAb during the fourth quarter worth $41,000. KLP Kapitalforvaltning AS acquired a new stake in shares of OmniAb in the 4th quarter valued at $49,000. Finally, Walleye Capital LLC bought a new position in shares of OmniAb in the 3rd quarter valued at $61,000. 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.