OmniAb (NASDAQ:OABI) Sees Strong Trading Volume – Still a Buy?

OmniAb, Inc. (NASDAQ:OABI) saw unusually-high trading volume on Wednesday . Approximately 477,419 shares were traded during 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.

Analyst Ratings Changes

OABI has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $11.00 price target 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 report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.00.

OmniAb Price Performance

The company has a market cap of $713.04 million, a PE ratio of -13.68 and a beta of 0.61. The business has a 50-day moving average of $2.86 and a 200 day moving average of $2.23.

OmniAb (NASDAQ:OABI) last announced 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 return on equity of 16.59% and a negative net margin of 115.12%.The business had revenue of $13.41 million for the quarter, compared to analysts’ expectations of $4.69 million. On average, equities analysts predict that OmniAb, Inc. will post -0.35 EPS for the current fiscal year.

Institutional Trading of OmniAb

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OABI. Whitefort Capital Management LP bought a new position in OmniAb in the second quarter worth approximately $25,211,699. BlackRock Inc. bought a new stake in shares of OmniAb during the 2nd quarter valued at $21,888,000. Cadian Capital Management LP increased its stake in shares of OmniAb by 20.7% in the 4th quarter. Cadian Capital Management LP now owns 4,434,954 shares of the company’s stock worth $8,205,000 after purchasing an additional 759,386 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of OmniAb in the 3rd quarter worth $4,571,000. Finally, Geode Capital Management LLC raised its holdings in OmniAb by 17.0% in the 4th quarter. Geode Capital Management LLC now owns 2,722,692 shares of the company’s stock worth $5,038,000 after purchasing an additional 396,456 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.

About OmniAb

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.