AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 4.8%

AbCellera Biologics Inc. (NASDAQ:ABCL – Get Rating)’s share price dropped 4.8% during mid-day trading on Friday . The stock traded as low as $6.50 and last traded at $6.58. Approximately 400,026 shares changed hands during trading, a decline of 79% from the average daily volume of 1,864,867 shares. The stock had previously closed at $6.91.

Analysts Set New Price Targets

ABCL has been the topic of several research reports. SVB Securities lowered their price objective on shares of AbCellera Biologics from $16.00 to $15.00 in a research report on Friday, May 5th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $34.00 target price on shares of AbCellera Biologics in a report on Wednesday, February 22nd. BMO Capital Markets lowered their target price on shares of AbCellera Biologics from $40.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, February 22nd. Cowen initiated coverage on shares of AbCellera Biologics in a report on Tuesday, February 28th. They issued an “outperform” rating on the stock. Finally, Cowen initiated coverage on shares of AbCellera Biologics in a research report on Tuesday, February 28th. They issued an “outperform” rating for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, AbCellera Biologics presently has a consensus rating of “Buy” and a consensus target price of $25.57.

AbCellera Biologics Stock Down 2.9 %

The business’s fifty day moving average is $6.87 and its 200-day moving average is $9.25. The stock has a market capitalization of $1.94 billion, a PE ratio of -36.16 and a beta of -0.12.

AbCellera Biologics (NASDAQ:ABCL – Get Rating) last announced its earnings results on Thursday, May 4th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $12.20 million during the quarter, compared to analysts’ expectations of $12.11 million. AbCellera Biologics had a negative net margin of 27.71% and a negative return on equity of 4.09%. AbCellera Biologics’s revenue for the quarter was down 96.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. As a group, sell-side analysts anticipate that AbCellera Biologics Inc. will post -0.57 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

Institutional investors have recently added to or reduced their stakes in the stock. abrdn plc lifted its position in AbCellera Biologics by 3.2% in the 4th quarter. abrdn plc now owns 284,263 shares of the company’s stock valued at $2,880,000 after purchasing an additional 8,831 shares during the last quarter. Aviva PLC acquired a new position in shares of AbCellera Biologics in the third quarter worth about $1,526,000. Hsbc Holdings PLC boosted its holdings in shares of AbCellera Biologics by 32.3% in the third quarter. Hsbc Holdings PLC now owns 79,799 shares of the company’s stock worth $797,000 after buying an additional 19,492 shares during the period. Cedar Brook Financial Partners LLC lifted its stake in AbCellera Biologics by 9.1% in the fourth quarter. Cedar Brook Financial Partners LLC now owns 23,965 shares of the company’s stock valued at $243,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in AbCellera Biologics by 43.7% in the third quarter. Royal Bank of Canada now owns 1,088,473 shares of the company’s stock valued at $10,766,000 after acquiring an additional 330,870 shares during the last quarter. 42.19% of the stock is owned by institutional investors and hedge funds.

About AbCellera Biologics

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AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.