OmniAb initiated with a Buy at Benchmark

Benchmark analyst Robert Wasserman initiated coverage of OmniAb with a Buy rating and $8 price target. OmniAb’s transgenic animals and high-throughput screening technologies enable its pharmaceutical partners to discover next-generation therapeutics and despite the share weakness since the public company merger, the firm believes positive news going forward "should provide momentum to these shares." The firm notes that OmniAb also added a "record-high" 13 new partnerships in 2022 and now boasts nearly 70 active development partners and 291 active programs.