OmniAb (NASDAQ:OABI) Shares Gap Down on Disappointing Earnings

Shares of OmniAb, Inc. (NASDAQ:OABI) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $4.57, but opened at $4.41. OmniAb shares last traded at $4.45, with a volume of 137,696 shares.

The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02). OmniAb had a negative net margin of 148.16% and a negative return on equity of 15.41%. The company had revenue of $3.80 million during the quarter, compared to analyst estimates of $6.00 million. During the same quarter last year, the business earned ($0.06) EPS.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OABI. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and set a $10.00 price target on shares of OmniAb in a report on Tuesday, March 26th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of OmniAb in a report on Friday, March 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $7.00 price objective on shares of OmniAb in a research note on Thursday, March 21st.

Insider Transactions at OmniAb

In other news, CFO Kurt A. Gustafson sold 6,954 shares of OmniAb stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $5.27, for a total transaction of $36,647.58. Following the sale, the chief financial officer now owns 176,697 shares of the company’s stock, valued at approximately $931,193.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Kurt A. Gustafson sold 11,849 shares of OmniAb stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $5.46, for a total transaction of $64,695.54. Following the sale, the chief financial officer now owns 170,110 shares of the company’s stock, valued at approximately $928,800.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kurt A. Gustafson sold 6,954 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $5.27, for a total value of $36,647.58. Following the completion of the sale, the chief financial officer now directly owns 176,697 shares in the company, valued at approximately $931,193.19. The disclosure for this sale can be found here. 7.00% of the stock is owned by insiders.

Institutional Trading of OmniAb

Several institutional investors have recently bought and sold shares of OABI. Rubric Capital Management LP boosted its stake in OmniAb by 306.0% in the 3rd quarter. Rubric Capital Management LP now owns 2,850,588 shares of the company’s stock valued at $14,795,000 after buying an additional 2,148,535 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in OmniAb in the 4th quarter valued at $2,950,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in OmniAb in the 3rd quarter valued at $1,191,000. Allspring Global Investments Holdings LLC acquired a new position in OmniAb in the fourth quarter worth $546,000. Finally, William Blair Investment Management LLC boosted its stake in OmniAb by 2.9% in the third quarter. William Blair Investment Management LLC now owns 2,862,656 shares of the company’s stock worth $14,857,000 after purchasing an additional 80,906 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

OmniAb Price Performance

The company has a market cap of $525.90 million, a price-to-earnings ratio of -8.96 and a beta of -0.08. The business has a 50 day simple moving average of $5.09 and a 200 day simple moving average of $5.28.

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.