OmniAb (NASDAQ:OABI) Sees Unusually-High Trading Volume – Here’s Why

Shares of OmniAb, Inc. (NASDAQ:OABI) saw strong trading volume on Tuesday . 659,457 shares changed hands during mid-day trading, a decline of 1% from the previous session’s volume of 665,467 shares.The stock last traded at $3.9450 and had previously closed at $3.82.

Analyst Ratings Changes

Several equities analysts recently weighed in on OABI shares. Weiss Ratings lowered shares of OmniAb from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. HC Wainwright reissued a “buy” rating and issued a $11.00 price target on shares of OmniAb in a report on Monday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, OmniAb has an average rating of “Hold” and an average price target of $11.00.

OmniAb Trading Up 1.7%

The firm has a 50 day simple moving average of $2.38 and a 200 day simple moving average of $2.03. The firm has a market capitalization of $562.62 million, a PE ratio of -10.79 and a beta of 0.45.

OmniAb (NASDAQ:OABI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The company had revenue of $13.41 million for the quarter, compared to analysts’ expectations of $4.69 million. OmniAb had a negative return on equity of 16.59% and a negative net margin of 115.12%. Research analysts forecast that OmniAb, Inc. will post -0.35 earnings per share for the current year.

Institutional Trading of OmniAb

Several large investors have recently added to or reduced their stakes in OABI. Rice Hall James & Associates LLC bought a new position in OmniAb in the second quarter worth approximately $6,422,000. Renaissance Technologies LLC lifted its holdings in shares of OmniAb by 11.1% in the first quarter. Renaissance Technologies LLC now owns 269,600 shares of the company’s stock worth $423,000 after buying an additional 26,900 shares in the last quarter. State of Wyoming boosted its position in shares of OmniAb by 101.7% during the first quarter. State of Wyoming now owns 24,694 shares of the company’s stock worth $39,000 after acquiring an additional 12,451 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of OmniAb by 96.6% during the fourth quarter. SG Americas Securities LLC now owns 23,141 shares of the company’s stock worth $43,000 after acquiring an additional 11,369 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in OmniAb by 111.5% during the second quarter. Cerity Partners LLC now owns 22,612 shares of the company’s stock valued at $39,000 after acquiring an additional 11,919 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors.

About OmniAb

OmniAb, Inc (NASDAQ: OABI) operates as a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s integrated antibody discovery platform combines proprietary transgenic animal models, in vitro screening, and in silico engineering to accelerate lead identification and optimization. OmniAb offers both fee-for-service collaborations and license agreements, enabling biopharmaceutical partners to leverage its suite of technologies for programs spanning oncology, immunology, and other therapeutic areas.

Founded in 2016 and headquartered in Seattle, Washington, OmniAb went public in May 2021.