OmniAb (NASDAQ:OABI) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

OmniAb (NASDAQ:OABI) announced its quarterly earnings results on Tuesday. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02), reports. The firm had revenue of $4.17 million for the quarter, compared to analysts’ expectations of $8.87 million. OmniAb had a negative return on equity of 20.77% and a negative net margin of 308.78%.

OmniAb Stock Down 9.4 %

Shares of OABI opened at $4.07 on Thursday. The firm’s fifty day moving average is $4.19 and its two-hundred day moving average is $4.28. The stock has a market cap of $480.91 million, a PE ratio of -6.56 and a beta of -0.12. OmniAb has a 52-week low of $3.56 and a 52-week high of $6.72.

Hedge Funds Weigh In On OmniAb

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bellevue Group AG acquired a new stake in OmniAb in the 1st quarter valued at about $62,000. CWC Advisors LLC. acquired a new stake in shares of OmniAb in the third quarter valued at approximately $54,000. Intech Investment Management LLC purchased a new position in OmniAb during the third quarter worth approximately $70,000. China Universal Asset Management Co. Ltd. lifted its position in OmniAb by 64.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company’s stock worth $96,000 after buying an additional 8,909 shares in the last quarter. Finally, Palumbo Wealth Management LLC boosted its stake in OmniAb by 12.5% during the third 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 during the last quarter. 72.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OABI has been the subject of a number of recent analyst reports. Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a research report on Monday, August 19th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $7.00 target price on shares of OmniAb in a research note on Friday, August 16th.

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.