Cowen initiates OmniAb at 'outperform' on optimism over drug discovery platform

OmniAB

22/02/2023 18:34

** Shares of biotech company OmniAb Inc  OABI.O  rise 2.3%
to $3.95
    ** Cowen and Co initiates coverage on OABI with "outperform"
rating and assigns PT of $10 on optimism over its antibody drug
discovery platform 
    ** The platform is focused and highly scalable relative to
peers in the data-driven drug discovery space - brokerage
    ** Company's platform uses transgenic animals that have been
genetically modified to produce human therapeutic candidates
    ** OABI's differentiated antibody drug discovery platform,
diversified partner base and healthy cash runway through FY25
results in a company with much lower risk profile - Cowen
    ** Brokerage sees higher probabilities of success on drug
discovery and potential blockbuster drugs as upside on OABI
stock
    ** OABI's success at discovering antibodies using its
platform has fueled partnership growth, including with many top
pharmas - brokerage
    ** Company currently has 68 discovery partners, 282 active
programs, 22 active clinical programs and 3 approved drugs with
partners
    ** OABI stock lost 64% in 2022
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))