OmniAb (NASDAQ:OABI) Stock Price Down 5.5% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OABI. Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of OmniAb in a report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and issued a $11.00 price target on shares of OmniAb in a research report on Thursday, November 14th.

OmniAb Trading Down 5.3 %

The firm has a 50 day moving average price of $4.03 and a 200-day moving average price of $4.19. The firm has a market cap of $535.21 million, a PE ratio of -6.11 and a beta of -0.14.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWC Advisors LLC. purchased a new stake in shares of OmniAb during the 3rd quarter worth $54,000. Walleye Capital LLC acquired a new stake in OmniAb in the third quarter valued at $61,000. Intech Investment Management LLC purchased a new stake in OmniAb during the 3rd quarter worth about $70,000. China Universal Asset Management Co. Ltd. boosted its position in shares of OmniAb by 64.5% during 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, Palumbo Wealth Management LLC increased its holdings in shares of OmniAb by 12.5% in the 3rd quarter. Palumbo Wealth Management LLC now owns 24,640 shares of the company’s stock valued at $104,000 after acquiring an additional 2,744 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.