OmniAb initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of OmniAb with an Outperform rating and $6 price target. OmniAb gives investors exposure to the growth potential of monoclonal antibody therapies, while limiting exposure to other companies in the Life Science Tools sector that are facing multiple near-term headwinds, the analyst says in a research note. OmniAb should experience near- and medium-term sales growth via milestones and royalties as current programs that utilize its technology progress into the clinic and through clinical trials, RBC says.