OmniAb Q2 revenue beats analyst estimates, outlook raised
OABI•Drivers of the quarter
OmniAb said the increase in quarterly revenue was driven primarily by milestone revenue.
Service revenue rose due to the commencement of new ion channel programs, and xPloration revenue increased on higher instrument and consumable sales.
The company also cited recent updates from partner programs and new license agreements as supporting business momentum.
Analyst coverage and price target
The current average analyst rating on the shares is "buy", with 7 "strong buy" or "buy" recommendations, no "hold" and no "sell" or "strong sell".
The average consensus recommendation for the biotechnology and medical research peer group is "buy".
Wall Street's median 12-month price target for OmniAb Inc is $8.00, about 294.1% above its August 5 closing price of $2.03.
Q2 revenue beats estimates and loss narrows
OmniAb reported second-quarter revenue that rose sharply and beat analyst expectations, while its net loss narrowed from the same period last year.
