AbCellera Biologics (NASDAQ:ABCL) Shares Down 7.9% on Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price traded down 7.9% on Wednesday after KeyCorp lowered their price target on the stock from $5.00 to $4.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as low as $3.00 and last traded at $3.02. 1,269,137 shares were traded during trading, a decline of 57% from the average session volume of 2,985,526 shares. The stock had previously closed at $3.28.

A number of other brokerages also recently issued reports on ABCL. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reiterated a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds have recently made changes to their positions in ABCL. Arcadia Investment Management Corp MI acquired a new position in shares of AbCellera Biologics during the third quarter valued at approximately $26,000. NBC Securities Inc. raised its holdings in shares of AbCellera Biologics by 56.0% during the third quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after acquiring an additional 4,100 shares during the last quarter. Evergreen Capital Management LLC acquired a new position in shares of AbCellera Biologics during the second quarter valued at approximately $32,000. Ballentine Partners LLC acquired a new position in shares of AbCellera Biologics during the third quarter valued at approximately $54,000. Finally, Clarkston Capital Partners LLC acquired a new position in shares of AbCellera Biologics during the third quarter valued at approximately $57,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Price Performance

The business has a fifty day simple moving average of $2.90 and a 200 day simple moving average of $2.80. The firm has a market cap of $862.47 million, a price-to-earnings ratio of -4.79 and a beta of 0.40.

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

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.