Benchmark Reiterates Buy Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reiterated by research analysts at Benchmark in a note issued to investors on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock. Benchmark’s price target would indicate a potential upside of 91.85% from the stock’s current price.

A number of other research analysts have also issued reports on OABI. Royal Bank of Canada reissued an “outperform” rating and issued a $7.00 target price on shares of OmniAb in a report on Friday, August 16th. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of OmniAb in a research note on Thursday.

OmniAb Stock Performance

OABI stock traded up $0.10 during midday trading on Thursday, reaching $4.17. 19,334 shares of the company were exchanged, compared to its average volume of 502,251. The company has a market cap of $492.73 million, a price-to-earnings ratio of -6.74 and a beta of -0.12. OmniAb has a 1-year low of $3.56 and a 1-year high of $6.72. The stock’s 50-day simple moving average is $4.19 and its 200 day simple moving average is $4.28.

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

Institutional Trading of OmniAb

Several hedge funds and other institutional investors have recently bought and sold shares of OABI. Bellevue Group AG bought a new position in OmniAb during the 1st quarter worth $62,000. CWC Advisors LLC. bought a new stake in shares of OmniAb during the third quarter valued at about $54,000. Intech Investment Management LLC bought a new position in OmniAb in the 3rd quarter valued at about $70,000. China Universal Asset Management Co. Ltd. increased its stake in OmniAb by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company’s stock valued at $96,000 after buying an additional 8,909 shares during the period. Finally, Palumbo Wealth Management LLC raised its position in shares of OmniAb by 12.5% during the 3rd quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company’s stock worth $104,000 after buying an additional 2,744 shares in the last quarter. 72.08% of the stock is owned by institutional investors.

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.