Leerink Partners on OmniAb, Inc. (OABI): we see no change to OABI outlook from IMVT trial failure

Leerink Partners analyst Puneet Souda reiterated an Outperform rating and $10.00 price target on OmniAb, Inc. (NASDAQ: OABI)

The analyst commented, "We see no change to OABI's outlook from IMVT (OP, Smith) batoclimab's Phase 3 trial failure in thyroid eye disease (TED). IMVT has already prioritized IMVT-1402 for clinical development, and we saw batoclimab in TED as upside to OABI's outlook. We remain confident in OABI's $25M-$30M guide. We continue to view IMVT-1402 as the most significant partner asset for OABI, with an estimated $100M+ in milestones, LSD-MSD royalties based on IMVT disclosures. These milestones are triggered by either IMVT-1402 or batoclimab (whichever is first), so this failure has no impact on the potential downstream upside. IMVT intends to provide development plans for batoclimab at a future date. We see a potential registrational readout for IMVT-1402 in difficult to treat rheumatoid arthritis as the next key catalysts for this partner program."

For an analyst ratings summary and ratings history on OmniAb, Inc. click here. For more ratings news on OmniAb, Inc. click here.

Shares of OmniAb, Inc. closed at $1.56 yesterday.

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