OmniAb (NASDAQ:OABI) Posts Earnings Results, Misses Estimates By $0.03 EPS

OmniAb (NASDAQ:OABI) announced its earnings results on Wednesday. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03), FiscalAI reports. The business had revenue of $8.38 million for the quarter, compared to the consensus estimate of $9.00 million. OmniAb had a negative net margin of 301.83% and a negative return on equity of 23.14%.

OmniAb Price Performance

Shares of NASDAQ OABI traded up $0.08 during mid-day trading on Wednesday, reaching $1.81. 308,681 shares of the company’s stock traded hands, compared to its average volume of 337,340. The business has a 50-day simple moving average of $1.83 and a 200 day simple moving average of $1.75. The stock has a market cap of $260.56 million, a P/E ratio of -3.12 and a beta of 0.13. OmniAb has a 1-year low of $1.22 and a 1-year high of $3.46.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of OmniAb in a research report on Monday, December 22nd. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.67.

Insider Activity

In other OmniAb news, CEO Matthew W. Foehr sold 30,843 shares of OmniAb stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $1.71, for a total transaction of $52,741.53. Following the completion of the transaction, the chief executive officer owned 4,403,277 shares in the company, valued at approximately $7,529,603.67. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kurt A. Gustafson sold 23,922 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $1.96, for a total value of $46,887.12. Following the sale, the chief financial officer directly owned 252,688 shares of the company’s stock, valued at $495,268.48. This represents a 8.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 130,021 shares of company stock worth $233,398. 8.60% of the stock is owned by insiders.

Institutional Investors Weigh In On OmniAb

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC bought a new position in OmniAb during the 1st quarter valued at $25,000. Jane Street Group LLC raised its holdings in shares of OmniAb by 26.3% in the first quarter. Jane Street Group LLC now owns 80,778 shares of the company’s stock valued at $194,000 after purchasing an additional 16,823 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of OmniAb by 28.3% during the second quarter. JPMorgan Chase & Co. now owns 793,734 shares of the company’s stock valued at $1,381,000 after purchasing an additional 175,297 shares in the last quarter. Rhumbline Advisers boosted its holdings in OmniAb by 6.0% during the second quarter. Rhumbline Advisers now owns 160,728 shares of the company’s stock worth $280,000 after purchasing an additional 9,163 shares during the last quarter. Finally, Invesco Ltd. grew its position in OmniAb by 17.0% in the 2nd quarter. Invesco Ltd. now owns 109,613 shares of the company’s stock worth $191,000 after purchasing an additional 15,912 shares in the last quarter. 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.