OmniAb initiated with a Buy at Truist

Truist analyst Robyn Karnauskas initiated coverage of OmniAb with a Buy rating and $10 price target. Unlike many SMID names, Karnauskas sees less binary risk and instead see steady progression to the firm’s price target as OmniAb secures additional partners with improving economics as well as increased clarity on revenue streams from royalties and development milestones, the analyst tells investors in a research note.