OmniAb (NASDAQ:OABI) Price Target Cut to $6.00 by Analysts at Benchmark

OmniAb (NASDAQ:OABI) had its price target trimmed by Benchmark from $8.00 to $6.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research report on Wednesday.

OmniAb Stock Down 10.6 %

Shares of OABI stock opened at $2.27 on Thursday. OmniAb has a twelve month low of $2.23 and a twelve month high of $5.72. The stock’s fifty day simple moving average is $3.36 and its 200 day simple moving average is $3.78. The firm has a market capitalization of $320.56 million, a P/E ratio of -3.66 and a beta of -0.14.

OmniAb (NASDAQ:OABI) last announced its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. OmniAb had a negative return on equity of 20.97% and a negative net margin of 308.78%. The firm had revenue of $10.80 million for the quarter, compared to analyst estimates of $10.13 million. During the same period last year, the firm posted ($0.14) earnings per share. As a group, equities research analysts expect that OmniAb will post -0.61 EPS for the current fiscal year.

Insider Activity at OmniAb

In other OmniAb news, Director John L. Higgins bought 125,750 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $2.35 per share, for a total transaction of $295,512.50. Following the completion of the acquisition, the director now owns 2,762,887 shares in the company, valued at $6,492,784.45. This trade represents a 4.77 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Charles S. Berkman sold 25,489 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.24, for a total value of $82,584.36. Following the transaction, the insider now owns 343,190 shares in the company, valued at $1,111,935.60. The trade was a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,260 shares of company stock worth $376,601 over the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC raised its holdings in shares of OmniAb by 33.3% during the fourth quarter. Squarepoint Ops LLC now owns 39,264 shares of the company’s stock valued at $139,000 after purchasing an additional 9,809 shares during the period. Sherbrooke Park Advisers LLC raised its stake in OmniAb by 53.5% during the 4th quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company’s stock worth $61,000 after buying an additional 6,001 shares during the period. ProShare Advisors LLC raised its stake in OmniAb by 29.9% during the 4th quarter. ProShare Advisors LLC now owns 31,724 shares of the company’s stock worth $112,000 after buying an additional 7,302 shares during the period. Northeast Financial Consultants Inc bought a new position in OmniAb in the fourth quarter worth approximately $393,000. Finally, Millennium Management LLC grew its stake in OmniAb by 49.7% in the fourth quarter. Millennium Management LLC now owns 186,745 shares of the company’s stock valued at $661,000 after acquiring an additional 61,993 shares during the period. 72.08% of the stock is owned by institutional investors.

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.