AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 4% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) shares dropped 4% on Tuesday . The stock traded as low as $3.27 and last traded at $3.23. Approximately 172,631 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,933,563 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

ABCL has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, KeyCorp cut their target price on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th.

AbCellera Biologics Trading Up 1.2 %

The stock has a 50-day moving average price of $3.00 and a 200 day moving average price of $2.83. The stock has a market capitalization of $956.41 million, a price-to-earnings ratio of -5.32 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The company had revenue of $6.51 million for the quarter, compared to analyst estimates of $8.95 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. Equities research analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Large investors have recently made changes to their positions in the company. Arcadia Investment Management Corp MI acquired a new stake in shares of AbCellera Biologics in the third quarter valued at approximately $26,000. NBC Securities Inc. lifted its position in AbCellera Biologics by 56.0% in the third quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after purchasing an additional 4,100 shares during the period. Ballentine Partners LLC purchased a new stake in AbCellera Biologics in the 3rd quarter valued at approximately $54,000. Clarkston Capital Partners LLC acquired a new position in AbCellera Biologics during the 3rd quarter worth approximately $57,000. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of AbCellera Biologics by 104.8% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock worth $64,000 after buying an additional 11,000 shares in the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

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.