OmniAb, Inc. (OABI) Soars 10.5%: Is Further Upside Left in the Stock?
OmniAb, Inc. (OABI) shares rallied 10.5% in the last trading session to close at $6.33. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.1% loss over the past four weeks.
The stock rallied driven by optimism over the company’s discovery platform which provides pharmaceutical industry partners access to diverse antibody repertoires and high-throughput screening technologies to discover next-generation therapeutics.
This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of -342.9%. Revenues are expected to be $6.94 million, down 80.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For OmniAb, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on OABI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
OmniAb, Inc. is part of the Zacks Medical - Drugs industry. Rigel Pharmaceuticals (RIGL), another stock in the same industry, closed the last trading session 5.6% higher at $1.50. RIGL has returned 9.2% in the past month.
Rigel's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.04. Compared to the company's year-ago EPS, this represents a change of -500%. Rigel currently boasts a Zacks Rank of #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
OmniAb, Inc. (OABI) : Free Stock Analysis Report
Rigel Pharmaceuticals, Inc. (RIGL) : Free Stock Analysis Report
