AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) gapped down prior to trading on Friday after Credit Suisse Group lowered their price target on the stock from $53.00 to $51.00. The stock had previously closed at $34.14, but opened at $31.50. Credit Suisse Group currently has an outperform rating on the stock. AbCellera Biologics shares last traded at $32.05, with a volume of 2,811 shares traded.

Several other equities analysts also recently commented on the stock. Zacks Investment Research downgraded shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Friday, April 2nd. Stifel Nicolaus dropped their target price on shares of AbCellera Biologics from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, March 30th. Berenberg Bank restated a “buy” rating and set a $53.00 target price on shares of AbCellera Biologics in a research report on Tuesday, March 30th. BMO Capital Markets dropped their target price on shares of AbCellera Biologics from $61.00 to $59.00 and set an “outperform” rating for the company in a research report on Wednesday, March 24th. Finally, SVB Leerink dropped their target price on shares of AbCellera Biologics from $52.00 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, March 30th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. AbCellera Biologics currently has an average rating of “Buy” and a consensus price target of $52.60.

A number of hedge funds have recently added to or reduced their stakes in the business. Viking Global Investors LP bought a new position in AbCellera Biologics during the fourth quarter valued at $775,978,000. Baker BROS. Advisors LP bought a new position in AbCellera Biologics during the fourth quarter valued at $420,515,000. Orbimed Advisors LLC bought a new position in AbCellera Biologics during the fourth quarter valued at $338,047,000. Harvard Management Co. Inc. bought a new position in AbCellera Biologics during the fourth quarter valued at $165,189,000. Finally, Falcon Edge Capital LP purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $153,086,000.

The company’s 50 day simple moving average is $28.76.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Wednesday, May 12th. The company reported $0.37 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post 4.2 EPS for the current year.

About AbCellera Biologics (NASDAQ:ABCL)

AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, AI-powered drug discovery platform searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs. As of December 31, 2020, the company had 103 discovery programs that are either completed, in progress, or under contract.

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