OmniAb (NASDAQ:OABI) Price Target Raised to $12.00

OmniAb (NASDAQ:OABI) had its price target hoisted by Leerink Partners from $10.00 to $12.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently issued reports on OABI. HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings raised OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, OmniAb presently has a consensus rating of “Moderate Buy” and an average target price of $11.50.

OmniAb Stock Up 2.8%

NASDAQ OABI opened at $4.79 on Wednesday. OmniAb has a 52 week low of $1.30 and a 52 week high of $5.43. The firm has a market capitalization of $693.51 million, a price-to-earnings ratio of -13.31 and a beta of 0.60. The company has a fifty day moving average of $4.18 and a two-hundred day moving average of $2.77.

OmniAb (NASDAQ:OABI) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.07. OmniAb had a negative net margin of 115.12% and a negative return on equity of 16.59%. The firm had revenue of $13.41 million during the quarter, compared to analyst estimates of $4.69 million. Equities research analysts anticipate that OmniAb will post -0.35 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OABI. Whitefort Capital Management LP bought a new position in OmniAb in the 2nd quarter worth about $25,211,699. BlackRock Inc. bought a new stake in shares of OmniAb during the second quarter valued at approximately $21,888,000. Rice Hall James & Associates LLC purchased a new stake in shares of OmniAb in the second quarter valued at approximately $6,422,000. State Street Corp boosted its holdings in shares of OmniAb by 3.2% in the second quarter. State Street Corp now owns 2,133,549 shares of the company’s stock valued at $5,249,000 after purchasing an additional 66,406 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in OmniAb in the second quarter worth approximately $2,331,000. Hedge funds and other institutional investors own 72.08% of the company’s stock.

OmniAb Company Profile

OmniAb, Inc is a biotechnology company that develops antibody discovery technologies for pharmaceutical and biotechnology companies. Its platform is designed to help partners identify fully human and humanized monoclonal antibodies and other antibody-based therapeutics for potential use in treating diseases.

The company’s technology portfolio includes genetically engineered animal platforms, such as OmniRat, OmniFlic and OmniChicken, which are designed to generate diverse antibody repertoires.