Royal Bank of Canada Cuts OmniAb (NASDAQ:OABI) Price Target to $4.00

OmniAb (NASDAQ:OABI) had its price target cut by investment analysts at Royal Bank of Canada from $7.00 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 64.27% from the stock’s current price.

OABI has been the subject of several other reports. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of OmniAb in a research report on Wednesday, March 19th. Benchmark dropped their target price on shares of OmniAb from $8.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, March 20th.

OmniAb Trading Up 0.2 %

OABI stock traded up $0.01 during mid-day trading on Thursday, hitting $2.44. The stock had a trading volume of 33,851 shares, compared to its average volume of 535,414. The firm has a fifty day simple moving average of $3.29 and a 200 day simple moving average of $3.73. The firm has a market capitalization of $343.86 million, a P/E ratio of -3.97 and a beta of -0.14. OmniAb has a 52 week low of $2.23 and a 52 week high of $5.54.

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

Insider Activity

In other news, CFO Kurt A. Gustafson sold 15,526 shares of the company’s 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 $50,304.24. Following the completion of the transaction, the chief financial officer now owns 212,720 shares of the company’s stock, valued at $689,212.80. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John L. Higgins bought 125,750 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $2.35 per share, for a total transaction of $295,512.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 112,260 shares of company stock worth $376,601. Insiders own 8.60% of the company’s stock.

Institutional Trading of OmniAb

Several institutional investors have recently modified their holdings of OABI. Hsbc Holdings PLC bought a new stake in shares of OmniAb in the 4th quarter valued at about $38,000. Choreo LLC acquired a new position in shares of OmniAb in the fourth quarter worth approximately $41,000. Rangeley Capital LLC bought a new stake in OmniAb in the fourth quarter valued at approximately $41,000. KLP Kapitalforvaltning AS acquired a new stake in OmniAb during the 4th quarter valued at approximately $49,000. Finally, Walleye Capital LLC bought a new position in OmniAb during the 3rd quarter worth approximately $61,000. 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.