OmniAb drops after $30 mln equity financing

Shares of biotech firm OmniAb OABI.O down 8.6% premarket to $1.69 after disclosing $30 mln equity raise

Emeryville, California-based OmniAb announces it sold ~21.3 mln shares at $1.40 (or $1.85 for officer and director participation) in private placement for general corp purposes

Financing included "top-tier new and existing investors" along with insider participation, co says

OABI shares on Fri closed up 2.8% at $1.85, leaving them down ~48% YTD

Co has ~122.7 mln shares outstanding for ~$227 mln market cap

OmniAb's platform uses transgenic animals that have been genetically modified to produce human therapeutic candidates

It went public in Nov 2022 after being spun off from Ligand Pharmaceuticals LGND.O and merging with SPAC backed by PE firm Avista Capital Partners

All 8 analysts are bullish on OABI and median PT is $10, LSEG data reflects

Leerink acted as sole agent for the private placement