Charles S. Berkman, Chief Legal Officer of OmniAb, Inc. (NASDAQ:OABI), recently sold a portion of his holdings in the company. On December 9, Berkman sold 8,022 shares of OmniAb common stock at a weighted average price of $4.13 per share, totaling approximately $33,130. The transaction occurred as the stock trades near $4.06, with the company's market capitalization at $486 million. According to InvestingPro analysis, OmniAb's shares are currently overvalued based on their Fair Value assessment.
This transaction was part of a mandatory sale to cover tax withholding obligations related to the vesting and settlement of restricted stock units. Following the sale, Berkman holds 323,385 shares directly. The company maintains strong liquidity with a current ratio of 4.62, though InvestingPro data shows the stock has declined 34% year-to-date.
Earlier, on December 7, Berkman acquired 15,621 shares of common stock through the vesting of restricted stock units, which did not involve any cash transaction. This acquisition increased his direct holdings to 331,407 shares before the subsequent sale. For deeper insights into insider transactions and comprehensive analysis, investors can access detailed Pro Research Reports available on InvestingPro, which covers over 1,400 US stocks including OmniAb.
In other recent news, OmniAb, a biotechnology firm, has reported its third quarter financial results for 2024. Despite a decrease in total revenue from $5.5 million to $4.2 million compared to the same quarter of the previous year, the company's net loss remained steady at $16.4 million. This decrease in revenue was primarily due to lower milestone and ion channel service revenue. However, the company ended the quarter with a robust cash position of $59.4 million and anticipates ending the year with $50 million to $60 million.
OmniAb's R&D and G&A expenses have seen a reduction, and the company is looking forward to new growth opportunities and the launch of its OmniHub platform. OmniAb has also announced three new platform license agreements and expanded its partnership with Syngenta. The company's financial outlook for 2025 remains optimistic, with expectations of lower cash usage. These are among the recent developments for OmniAb.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.