OmniAb (NASDAQ:OABI) Sees Strong Trading Volume – Should You Buy?

Shares of OmniAb, Inc. (NASDAQ:OABI) saw an uptick in trading volume on Wednesday . Approximately 477,419 shares traded hands during mid-day trading, a decline of 36% from the previous session’s volume of 741,787 shares.The stock last traded at $5.1250 and had previously closed at $4.44.

Wall Street Analyst Weigh In

OABI has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $11.00 price objective on shares of OmniAb in a research note on Monday, August 17th. Weiss Ratings upgraded OmniAb from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 20th. Two equities research 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 an average rating of “Hold” and a consensus target price of $11.00.

OmniAb Stock Performance

The company has a market capitalization of $687.71 million, a P/E ratio of -13.19 and a beta of 0.62. The business’s fifty day simple moving average is $2.96 and its 200-day simple moving average is $2.28.

OmniAb (NASDAQ:OABI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.07. The business had revenue of $13.41 million during 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%. As a group, analysts forecast that OmniAb, Inc. will post -0.35 EPS for the current year.

Hedge Funds Weigh In On OmniAb

A number of large investors have recently made changes to their positions in OABI. Whitefort Capital Management LP bought a new stake in OmniAb in the second quarter worth about $25,211,699. BlackRock Inc. purchased a new stake in shares of OmniAb in the second quarter worth approximately $21,888,000. Woodline Partners LP purchased a new stake in shares of OmniAb in the third quarter worth approximately $4,571,000. Rice Hall James & Associates LLC bought a new stake in shares of OmniAb during the 2nd quarter worth approximately $6,422,000. Finally, Kent Lake PR LLC lifted its stake in shares of OmniAb by 677.8% during the 2nd quarter. Kent Lake PR LLC now owns 1,750,000 shares of the company’s stock worth $3,045,000 after acquiring an additional 1,525,000 shares during the last quarter. 72.08% of the stock is owned by hedge funds and other institutional investors.

OmniAb Company Profile

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.