Matthew W. Foehr, President and CEO of OmniAb, Inc. (NASDAQ:OABI), recently sold shares of the company, according to an SEC filing. On January 21, 2025, Foehr sold 41,811 shares at a weighted average price of $3.24, amounting to a total value of $135,467. The transaction occurred with the stock trading near its 52-week low of $3.16, though InvestingPro data shows analysts remain highly bullish with price targets ranging from $7 to $12. This transaction was executed to cover tax withholding obligations related to the vesting of performance stock units (PSUs).
Earlier, on January 17, 2025, Foehr acquired 77,003 shares of common stock at no cost following the vesting of PSUs. These units were issued based on the company's achievement of certain performance objectives. After these transactions, Foehr holds 3,749,639 shares of OmniAb.
In other recent news, OmniAb Inc. recently revealed its financial results for the third quarter of 2024. Despite a decrease in total revenue to $4.2 million from $5.5 million in the same quarter of the previous year, the company maintained a consistent net loss of $16.4 million. This reduction in revenue was primarily due to lower milestone and ion channel service revenue. Even so, the company ended the quarter with a solid cash position of $59.4 million and expects to end the year with $50 million to $60 million.
OmniAb also reported a decrease in its R&D and G&A expenses and is looking forward to new growth opportunities and the launch of its OmniHub platform. Three new platform license agreements were announced, and the company expanded its partnership with Syngenta. OmniAb is optimistic about its financial position entering 2025, with expectations of lower cash usage. The company's robust growth trajectory is underlined by 86 active partners and 352 active programs, demonstrating strong demand for OmniAb's discovery technologies. These are some of the recent developments at OmniAb.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.