AbCellera Biologics (NASDAQ:ABCL) Hits New 52-Week Low at $2.65

AbCellera Biologics Inc. (NASDAQ:ABCL) reached a new 52-week low on Monday . The company traded as low as $2.65 and last traded at $2.70, with a volume of 932943 shares traded. The stock had previously closed at $2.92.

Wall Street Analyst Weigh In

Separately, KeyCorp reissued an “overweight” rating and set a $5.00 price objective (down previously from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th. Six analysts have rated the stock with a buy rating, According to MarketBeat, AbCellera Biologics presently has a consensus rating of “Buy” and an average target price of $14.20.

AbCellera Biologics Stock Performance

The company has a 50 day moving average price of $3.16 and a 200 day moving average price of $4.05. The firm has a market cap of $773.36 million, a price-to-earnings ratio of -5.06 and a beta of 0.39.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The business had revenue of $7.30 million for the quarter, compared to analyst estimates of $10.12 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s quarterly revenue was down 27.7% on a year-over-year basis. On average, research analysts forecast that AbCellera Biologics Inc. will post -0.6 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several large investors have recently modified their holdings of ABCL. Headlands Technologies LLC purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at $146,000. Pier 88 Investment Partners LLC raised its holdings in shares of AbCellera Biologics by 362.0% in the 2nd quarter. Pier 88 Investment Partners LLC now owns 161,620 shares of the company’s stock valued at $478,000 after buying an additional 126,640 shares during the period. Signature Estate & Investment Advisors LLC purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at $117,000. Intellectus Partners LLC increased its holdings in AbCellera Biologics by 0.7% during the 2nd quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock worth $1,615,000 after purchasing an additional 3,750 shares during the period. Finally, Baker BROS. Advisors LP increased its holdings in AbCellera Biologics by 20.1% during the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after purchasing an additional 4,615,887 shares during the period. Institutional investors and hedge funds own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.