OmniAb (NASDAQ:OABI) Shares Up 6.1% – Time to Buy?

Shares of OmniAb, Inc. (NASDAQ:OABI) traded up 6.1% during mid-day trading on Thursday . The stock traded as high as $3.89 and last traded at $3.90. 225,189 shares were traded during trading, a decline of 53% from the average session volume of 480,724 shares. The stock had previously closed at $3.67.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research note on Thursday, November 14th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of OmniAb in a research note on Thursday, November 14th.

OmniAb Price Performance

The firm’s 50 day moving average is $3.48 and its 200 day moving average is $3.90. The company has a market cap of $515.45 million, a PE ratio of -5.89 and a beta of -0.12.

Insiders Place Their Bets

In other news, CEO Matthew W. Foehr sold 41,811 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total transaction of $135,467.64. Following the sale, the chief executive officer now owns 3,749,639 shares in the company, valued at $12,148,830.36. This represents a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kurt A. Gustafson sold 15,526 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.24, for a total value of $50,304.24. Following the sale, the chief financial officer now directly owns 212,720 shares in the company, valued at $689,212.80. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,260 shares of company stock worth $376,601. 8.60% of the stock is currently owned by corporate insiders.

Institutional Trading of OmniAb

Several hedge funds have recently bought and sold shares of OABI. Squarepoint Ops LLC boosted its position in shares of OmniAb by 33.3% during the fourth quarter. Squarepoint Ops LLC now owns 39,264 shares of the company’s stock worth $139,000 after acquiring an additional 9,809 shares during the last quarter. Sherbrooke Park Advisers LLC grew its stake in shares of OmniAb by 53.5% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company’s stock valued at $61,000 after buying an additional 6,001 shares during the last quarter. ProShare Advisors LLC increased its stake in OmniAb by 29.9% in the 4th quarter. ProShare Advisors LLC now owns 31,724 shares of the company’s stock worth $112,000 after buying an additional 7,302 shares during the period. Northeast Financial Consultants Inc purchased a new stake in shares of OmniAb in the fourth quarter valued at approximately $393,000. Finally, Millennium Management LLC grew its position in shares of OmniAb by 49.7% during the 4th quarter. Millennium Management LLC now owns 186,745 shares of the company’s stock worth $661,000 after buying an additional 61,993 shares in the last quarter. Institutional investors 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.