OmniAb (NASDAQ:OABI) Shares Down 6% – Here’s Why

OmniAb, Inc. (NASDAQ:OABI) fell 6% on Tuesday . The stock traded as low as $3.90 and last traded at $3.90. 163,841 shares were traded during trading, a decline of 68% from the average session volume of 504,546 shares. The stock had previously closed at $4.15.

Wall Street Analyst Weigh In

OABI has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of OmniAb in a report on Thursday, November 14th. Royal Bank of Canada restated an “outperform” rating and issued a $7.00 price target on shares of OmniAb in a research report on Friday, August 16th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of OmniAb in a research report on Thursday, November 14th.

OmniAb Price Performance

The business has a 50-day moving average of $4.13 and a 200-day moving average of $4.24. The company has a market capitalization of $542.27 million, a P/E ratio of -6.69 and a beta of -0.12.

Institutional Investors Weigh In On OmniAb

Several institutional investors have recently made changes to their positions in the company. Isthmus Partners LLC lifted its stake in OmniAb by 37.2% in the second quarter. Isthmus Partners LLC now owns 528,385 shares of the company’s stock worth $1,981,000 after purchasing an additional 143,387 shares during the last quarter. Rice Hall James & Associates LLC raised its holdings in shares of OmniAb by 6.4% in the third quarter. Rice Hall James & Associates LLC now owns 2,722,321 shares of the company’s stock worth $11,515,000 after buying an additional 163,038 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of OmniAb during the 2nd quarter worth approximately $147,000. Sei Investments Co. boosted its holdings in OmniAb by 11.0% during the 2nd quarter. Sei Investments Co. now owns 29,024 shares of the company’s stock valued at $109,000 after acquiring an additional 2,888 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in OmniAb by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,012,216 shares of the company’s stock valued at $11,296,000 after acquiring an additional 194,835 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

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.