AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 7.7% – Should You Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares traded down 7.7% during trading on Monday. The stock traded as low as $11.53 and last traded at $11.3290. Approximately 604,263 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 5,916,656 shares. The stock had previously closed at $12.27.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ABCL shares. Truist Financial raised their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group initiated coverage on shares of AbCellera Biologics in a report on Thursday, September 24th. They issued a “neutral” rating and a $13.00 target price for the company. Wall Street Zen upgraded shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a report on Saturday. Jefferies Financial Group started coverage on shares of AbCellera Biologics in a research report on Friday, October 30th. They set a “buy” rating and a $21.00 price target for the company. Finally, UBS Group started coverage on shares of AbCellera Biologics in a report on Monday, October 12th. They issued a “buy” rating and a $18.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, AbCellera Biologics presently has a consensus rating of “Moderate Buy” and an average price target of $14.60.

AbCellera Biologics Stock Performance

The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of -22.67 and a beta of 1.59. The business’s 50 day moving average is $12.31 and its 200 day moving average is $6.92.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. The company had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. Sell-side analysts predict that AbCellera Biologics Inc. will post -0.69 EPS for the current year.

Institutional Trading of AbCellera Biologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blume Capital Management Inc. increased its stake in shares of AbCellera Biologics by 22.7% in the third quarter. Blume Capital Management Inc. now owns 5,501 shares of the company’s stock worth $80,000 after acquiring an additional 1,017 shares during the period. AssuredPartners Investment Advisors LLC purchased a new position in shares of AbCellera Biologics during the second quarter worth $80,000. ProShare Advisors LLC lifted its position in AbCellera Biologics by 12.2% during the third quarter. ProShare Advisors LLC now owns 11,235 shares of the company’s stock valued at $164,000 after purchasing an additional 1,224 shares during the period. Allworth Financial LP acquired a new position in AbCellera Biologics during the second quarter valued at $91,000. Finally, Janney Montgomery Scott LLC acquired a new position in AbCellera Biologics during the first quarter valued at $46,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, British Columbia, that develops antibody-based medicines and provides antibody discovery services to pharmaceutical and biotechnology companies. Its platform is designed to identify therapeutic antibodies from immune cells and accelerate their progression from discovery through development.

The company combines high-throughput screening, microfluidics, single-cell analysis, automation, and artificial intelligence to evaluate large numbers of antibody candidates.