OmniAb (NASDAQ:OABI) Shares Down 5.5% - Here's Why

Shares of OmniAb, Inc. (NASDAQ:OABI - Get Free Report) traded down 5.5% during trading on Friday . The company traded as low as $3.75 and last traded at $3.78. 101,346 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 501,356 shares. The stock had previously closed at $4.00.

Analysts Set New Price Targets

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

OmniAb Price Performance

The company's 50-day simple moving average is $4.03 and its two-hundred day simple moving average is $4.19. The firm has a market capitalization of $535.21 million, a P/E ratio of -6.11 and a beta of -0.14.

Hedge Funds Weigh In On OmniAb

A number of institutional investors have recently bought and sold shares of the stock. Palumbo Wealth Management LLC grew its holdings in OmniAb by 12.5% during the third quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company's stock valued at $104,000 after purchasing an additional 2,744 shares during the period. Sei Investments Co. grew its stake in shares of 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. Price T Rowe Associates Inc. MD increased its holdings in OmniAb by 13.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 26,843 shares of the company's stock worth $146,000 after acquiring an additional 3,108 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in OmniAb by 64.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,727 shares of the company's stock worth $96,000 after acquiring an additional 8,909 shares in the last quarter. Finally, CWC Advisors LLC. bought a new stake in OmniAb during the 3rd quarter worth approximately $54,000. 72.08% of the stock is owned by institutional investors.

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.