OmniAb (NASDAQ:OABI) Given New $6.00 Price Target at Benchmark

OmniAb (NASDAQ:OABI - Free Report) had its price objective reduced by Benchmark from $8.00 to $6.00 in a research note released on Thursday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Separately, HC Wainwright reaffirmed a "buy" rating and set a $11.00 target price on shares of OmniAb in a report on Wednesday, March 19th.

OmniAb Trading Up 0.4 %

OABI stock traded up $0.01 during trading hours on Thursday, hitting $2.54. 770,294 shares of the stock were exchanged, compared to its average volume of 539,334. OmniAb has a 12 month low of $2.23 and a 12 month high of $5.63. The firm has a market capitalization of $358.69 million, a P/E ratio of -4.10 and a beta of -0.14. The company has a 50-day simple moving average of $3.33 and a two-hundred day simple moving average of $3.75.

OmniAb (NASDAQ:OABI - Get Free Report) last released its quarterly earnings results on Tuesday, March 18th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $10.13 million. During the same period in the prior year, the company posted ($0.14) earnings per share. On average, equities research analysts predict that OmniAb will post -0.61 earnings per share for the current year.

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Insiders Place Their Bets

In other OmniAb news, Director John L. Higgins purchased 125,750 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $2.35 per share, with a total value of $295,512.50. Following the acquisition, the director now owns 2,762,887 shares of the company's stock, valued at approximately $6,492,784.45. This represents a 4.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kurt A. Gustafson sold 7,255 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $3.67, for a total value of $26,625.85. Following the completion of the sale, the chief financial officer now directly owns 206,211 shares in the company, valued at $756,794.37. This trade represents a 3.40 % 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. Corporate insiders own 8.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC grew its holdings in shares of OmniAb by 33.3% during the 4th 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 last quarter. Sherbrooke Park Advisers LLC boosted its position in OmniAb by 53.5% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 17,226 shares of the company's stock valued at $61,000 after buying an additional 6,001 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of OmniAb by 29.9% during the fourth 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 last quarter. Northeast Financial Consultants Inc acquired a new position in shares of OmniAb during the fourth quarter worth $393,000. Finally, Millennium Management LLC lifted its stake in shares of OmniAb by 49.7% in the 4th 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 last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

OmniAb Company Profile

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.