Royal Bank of Canada Reaffirms “Outperform” Rating for OmniAb (NASDAQ:OABI)

Royal Bank of Canada reaffirmed their outperform rating on shares of OmniAb (NASDAQ:OABI) in a report released on Friday, Benzinga reports. Royal Bank of Canada currently has a $7.00 price target on the stock.

A number of other equities research analysts also recently weighed in on OABI. HC Wainwright reaffirmed a buy rating and set a $11.00 price objective on shares of OmniAb in a report on Monday, August 12th. Benchmark reaffirmed a buy rating and issued a $8.00 price target on shares of OmniAb in a research note on Tuesday, May 14th.

OmniAb Price Performance

OABI opened at $4.18 on Friday. OmniAb has a fifty-two week low of $3.56 and a fifty-two week high of $6.72. The firm’s fifty day moving average price is $4.27 and its two-hundred day moving average price is $4.78. The company has a market capitalization of $491.63 million, a P/E ratio of -6.53 and a beta of -0.11.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. OmniAb had a negative net margin of 301.62% and a negative return on equity of 19.93%. The company had revenue of $7.61 million during the quarter, compared to analysts’ expectations of $6.52 million. During the same quarter in the prior year, the company posted ($0.15) EPS. On average, equities research analysts expect that OmniAb will post -0.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew W. Foehr bought 240,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $4.42 per share, for a total transaction of $1,060,800.00. Following the completion of the purchase, the chief executive officer now owns 3,536,665 shares of the company’s stock, valued at approximately $15,632,059.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in OmniAb by 22.9% during the 4th quarter. Victory Capital Management Inc. now owns 12,705 shares of the company’s stock worth $78,000 after buying an additional 2,364 shares in the last quarter. Sei Investments Co. lifted its position in shares of OmniAb by 11.0% during the second quarter. Sei Investments Co. now owns 29,024 shares of the company’s stock worth $109,000 after purchasing an additional 2,888 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in OmniAb by 8.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,903 shares of the company’s stock worth $234,000 after purchasing an additional 2,902 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in OmniAb by 13.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 26,843 shares of the company’s stock worth $146,000 after buying an additional 3,108 shares in the last quarter. Finally, Woodstock Corp boosted its position in OmniAb by 0.7% in the 1st quarter. Woodstock Corp now owns 748,428 shares of the company’s stock valued at $4,056,000 after buying an additional 5,426 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

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.