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Some 'Transgenic Animal Platforms Are More Than Equal,' Analyst Initiating Coverage On OmniAb Says

Vandana Singh
·1 min read

  • Credit Suisse initiated coverage on OmniAb Inc (NASDAQ: OABI) with an Outperform rating and a price target of $13.

  • The company is spun off of Ligand Pharmaceuticals Inc's (NASDAQ: LGND) antibody discovery business.

  • The analyst says the company is the industry's only four-species antibody discovery platform (rat, mouse, chicken, cow) with a flexible business model that can feed directly into partner labs/CROs (plug-and-play) or be utilized by OmniAb on behalf of the partners.

  • Credit Suisse says these programs validate the technology and business model, supporting steady demand averaging around 30-40 programs per year.

  • The analyst says the current valuation is assigning value to some of the 25 clinical/approved programs but not to the remaining 257 preclinical programs due to a lack of information.

  • Advancement of the existing portfolio alone should drive substantial value over time. Once a program enters the clinic, it offers non-correlated potential upside that generates cash flows at a 100% margin.

  • The company is also trading at a discount relative to other peers in the drug discovery space. The analyst writes.

  • Price Action: OABI shares are down 2.02% at $3.39 on the last check Friday.

See more from Benzinga

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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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