OmniAb

OABI · NASDAQ

$4.96+$0.27 (+5.76%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $4.69

OABI analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $7.82 (+57.7% upside)

Low: $4.04
Now: $4.96
High: $11.55

Upgrades and downgrades

The latest rating actions, newest first

OABI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Leerink Partners	Oct 7, 2026	Maintains	Outperform	$10.00 → $12.00	51%
StoneX	Oct 7, 2026	Maintains	Buy	$4.00 → $6.00	53%
HC Wainwright & Co.	Aug 17, 2026	Maintains	Buy	$11.00	40%

The case for and against

Updated Oct 16, 2026

Bull case

OmniAb is supported by a durable royalty aggregation model with 425 active programs, 98% carrying downstream economics, and more than $3B of potential milestones, creating a high-quality, asset-light path to cash flow as programs mature. Its technology platform is gaining added optionality through xPloration and OmniTides, with management guiding to $2M–$3M of xPloration revenue in 2026 and expecting it to double in both 2027 and 2028, while the Eli Lilly collaboration adds up to $370M in research, development and commercial milestones plus tiered royalties. The bullish case is reinforced by a strong balance sheet, 2026 year-end cash guidance raised to $49M–$53M, and a growing pipeline of near-term partner catalysts, including roughly 20 significant data readouts through the end of 2027.

Bear case

OmniAb is a platform-dependent business whose value appears concentrated in downstream milestones and royalties, so any delay or failure in partner asset approvals would directly weaken valuation and cash generation. Near-term caution in biopharma capital spending could slow new program adds, reducing future royalty opportunities, while a meaningful shift toward AI-generated antibody sequences could undermine the relevance of its animal-based discovery model. Its technology also faces commoditization and patent risk, which would pressure partner growth, deal terms, and long-term revenue durability.

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