Benchmark Lowers OmniAb (NASDAQ:OABI) Price Target to $6.00

OmniAb (NASDAQ:OABI) had its price target reduced by stock analysts at Benchmark from $8.00 to $6.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 144.90% from the company’s previous close.

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

OmniAb Stock Down 3.5 %

OABI traded down $0.09 during trading on Thursday, reaching $2.45. 461,671 shares of the company were exchanged, compared to its average volume of 526,510. The company’s 50-day moving average is $3.39 and its two-hundred day moving average is $3.79. The company has a market cap of $345.98 million, a price-to-earnings ratio of -3.95 and a beta of -0.14. OmniAb has a 12-month low of $2.41 and a 12-month high of $5.72.

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

Insider Activity

In other news, insider Charles S. Berkman sold 25,489 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total transaction of $82,584.36. Following the transaction, the insider now directly owns 343,190 shares in the company, valued at approximately $1,111,935.60. This represents a 6.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew W. Foehr sold 41,811 shares of the 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 transaction, the chief executive officer now owns 3,749,639 shares in the company, valued at $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. In the last three months, insiders have sold 112,260 shares of company stock worth $376,601. 8.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OmniAb

Institutional investors have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in OmniAb by 321.5% during the 3rd quarter. Barclays PLC now owns 143,215 shares of the company’s stock valued at $606,000 after acquiring an additional 109,236 shares during the period. FMR LLC boosted its holdings in OmniAb by 10.6% during the 3rd quarter. FMR LLC now owns 138,813 shares of the company’s stock valued at $587,000 after acquiring an additional 13,324 shares during the period. Atria Investments Inc purchased a new stake in OmniAb during the 3rd quarter valued at about $148,000. Murchinson Ltd. purchased a new stake in OmniAb during the 3rd quarter valued at about $4,230,000. Finally, State Street Corp boosted 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 valued at $8,594,000 after acquiring an additional 34,654 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

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.