Puneet Souda, an analyst from Leerink Partners, maintained the Buy rating on OmniAb (OABI – Research Report). The associated price target is $10.00.
Puneet Souda from Leerink Partners has given OmniAb’s stock (OABI) a Buy rating due to a variety of factors. This rating is primarily driven by the company’s strong third quarter results, which exceeded expectations with nine new program additions and two fresh phase 1 programs. The company’s inaugural Research & Technology day also showcased its innovative platforms – OmnidAb, OmniDeep, and ion channel capabilities, further solidifying OABI’s market-leading position with a highly scalable business model.
Moreover, the launch of OmnidAb, an extension of the OmniChicken platform, bolsters OABI’s continuous platform innovation and supports further growth in discovery partner collaborations. The company inked three license agreements in the third quarter, one of which was with NVS, bringing its total partnerships to 76. OmniAb’s potential to generate single domain antibodies that construct unique antibody structures and unlock new therapeutic areas, reinforces its allure. Despite clinical trial delays impacting milestone timings, the management’s expectation for steady operational expenses due to the scalable business model, along with the continued innovation and pipeline growth, contributes to Souda’s positive rating.
In another report released on November 10, H.C. Wainwright also reiterated a Buy rating on the stock with a $11.00 price target.
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Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OABI in relation to earlier this year.
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OmniAb (OABI) Company Description:
Avista Public Acquisition Corp II is a blank check company.
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