OmniAb (NASDAQ:OABI) Price Target Cut to $4.00 by Analysts at Royal Bank of Canada

OmniAb (NASDAQ:OABI) had its price objective lowered by Royal Bank of Canada from $7.00 to $4.00 in a report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other analysts have also commented on OABI. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of OmniAb in a research note on Wednesday, March 19th. Benchmark reduced their price objective on OmniAb from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, March 20th.

OmniAb Stock Performance

Shares of NASDAQ OABI opened at $2.47 on Thursday. OmniAb has a 1 year low of $2.23 and a 1 year high of $5.54. The firm has a market cap of $348.80 million, a P/E ratio of -3.98 and a beta of -0.14. The stock has a fifty day moving average price of $3.28 and a two-hundred day moving average price of $3.72.

OmniAb (NASDAQ:OABI) last announced its earnings results on Tuesday, March 18th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The business had revenue of $10.80 million during the quarter, compared to analysts’ expectations of $10.13 million. During the same quarter last year, the business posted ($0.14) earnings per share. On average, research analysts predict that OmniAb will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kurt A. Gustafson sold 15,526 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 value of $50,304.24. Following the completion of the sale, the chief financial officer now directly owns 212,720 shares of the company’s stock, valued at $689,212.80. This represents a 6.80 % decrease in their ownership of the stock. The transaction 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 that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total transaction of $135,467.64. Following the completion of the sale, the chief executive officer now owns 3,749,639 shares of the company’s stock, valued at approximately $12,148,830.36. The trade was a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,260 shares of company stock worth $376,601 over the last 90 days. 8.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On OmniAb

Hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC grew its stake in OmniAb by 1.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,960,321 shares of the company’s stock valued at $28,179,000 after purchasing an additional 88,993 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of OmniAb by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,025,674 shares of the company’s stock valued at $10,711,000 after buying an additional 142,513 shares in the last quarter. Geode Capital Management LLC increased its holdings in OmniAb by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,353,442 shares of the company’s stock worth $8,333,000 after buying an additional 28,061 shares during the last quarter. State Street Corp raised its position in OmniAb by 1.7% during 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. Finally, JPMorgan Chase & Co. lifted its stake in OmniAb by 582.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,001,797 shares of the company’s stock valued at $3,546,000 after acquiring an additional 854,929 shares during the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.

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.