AbCellera Biologics (NASDAQ:ABCL) Trading Down 5% – Here’s What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) traded down 5% during mid-day trading on Monday . The stock traded as low as $6.16 and last traded at $6.1450. Approximately 764,597 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 5,761,868 shares. The stock had previously closed at $6.47.

Analysts Set New Price Targets

ABCL has been the subject of several analyst reports. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, July 7th. Cantor Fitzgerald started coverage on AbCellera Biologics in a report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 target price on the stock. Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a report on Friday. Finally, JonesTrading started coverage on shares of AbCellera Biologics in a research note on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, AbCellera Biologics has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

AbCellera Biologics Stock Down 8.1%

The stock has a market capitalization of $1.82 billion, a PE ratio of -12.43 and a beta of 1.14. The firm’s fifty day moving average is $5.97 and its 200-day moving average is $4.50.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.08. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.The company had revenue of $8.31 million for the quarter, compared to analyst estimates of $5.41 million. During the same quarter in the previous year, the company earned ($0.15) EPS. On average, analysts expect that AbCellera Biologics Inc. will post -0.67 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in AbCellera Biologics in the fourth quarter worth $26,938,000. Two Sigma Investments LP increased its holdings in shares of AbCellera Biologics by 25.9% in the 3rd quarter. Two Sigma Investments LP now owns 5,175,142 shares of the company’s stock valued at $26,031,000 after purchasing an additional 1,064,290 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of AbCellera Biologics by 1,636.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,344,485 shares of the company’s stock valued at $14,858,000 after purchasing an additional 4,094,268 shares during the period. Bank of America Corp DE lifted its stake in shares of AbCellera Biologics by 13.9% in the first quarter. Bank of America Corp DE now owns 2,999,936 shares of the company’s stock valued at $10,470,000 after purchasing an additional 367,064 shares during the period. Finally, Tudor Investment Corp ET AL lifted its stake in shares of AbCellera Biologics by 146.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,796,010 shares of the company’s stock valued at $6,142,000 after purchasing an additional 1,065,888 shares during the period. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.