HC Wainwright Reaffirms Buy Rating for OmniAb (NASDAQ:OABI)

OmniAb (NASDAQ:OABI)‘s stock had its “buy” rating reiterated by HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $11.00 target price on the stock. HC Wainwright’s price objective indicates a potential upside of 183.51% from the stock’s previous close.

A number of other brokerages also recently commented on OABI. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a research report on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and set a $7.00 price target on shares of OmniAb in a research note on Friday, August 16th.

OmniAb Price Performance

OmniAb stock opened at $3.88 on Thursday. The firm’s 50-day moving average is $4.18 and its two-hundred day moving average is $4.27. The stock has a market capitalization of $458.46 million, a P/E ratio of -6.26 and a beta of -0.12. OmniAb has a 12-month low of $3.56 and a 12-month high of $6.72.

OmniAb (NASDAQ:OABI) last announced its earnings results on Tuesday, November 12th. The company reported ($0.16) earnings per share (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 20.97% and a negative net margin of 308.78%. As a group, analysts forecast that OmniAb will post -0.58 EPS for the current year.

Hedge Funds Weigh In On OmniAb

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC raised its position in OmniAb by 1.0% in the first quarter. Janus Henderson Group PLC now owns 7,859,438 shares of the company’s stock valued at $42,598,000 after purchasing an additional 81,541 shares during the period. Vanguard Group Inc. raised its holdings in shares of OmniAb by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,713,539 shares of the company’s stock valued at $30,967,000 after buying an additional 62,131 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of OmniAb by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock valued at $11,296,000 after buying an additional 194,835 shares during the period. Rice Hall James & Associates LLC boosted its holdings in OmniAb by 6.4% in the 3rd quarter. Rice Hall James & Associates LLC now owns 2,722,321 shares of the company’s stock worth $11,515,000 after acquiring an additional 163,038 shares during the period. Finally, State Street Corp grew its position in OmniAb by 1.7% in the third 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 in the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

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.