AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6.7% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) fell 6.7% during trading on Tuesday . The company traded as low as $2.80 and last traded at $2.80. 3,462,943 shares changed hands during trading, a decline of 1% from the average session volume of 3,498,197 shares. The stock had previously closed at $3.00.

Analysts Set New Price Targets

ABCL has been the subject of several recent research reports. KeyCorp decreased their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Stifel Nicolaus reiterated a “buy” rating and issued a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Finally, Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Down 0.7 %

The business has a fifty day moving average of $2.91 and a 200-day moving average of $2.80. The firm has a market cap of $868.39 million, a PE ratio of -4.82 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $6.51 million for the quarter, compared to the consensus estimate of $8.95 million. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, equities analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Arcadia Investment Management Corp MI bought a new position in shares of AbCellera Biologics in the third quarter worth $26,000. NBC Securities Inc. boosted its stake in 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 buying an additional 4,100 shares during the period. Evergreen Capital Management LLC purchased a new position in AbCellera Biologics during the second quarter worth about $32,000. Ballentine Partners LLC bought a new position in AbCellera Biologics in the 3rd quarter worth about $54,000. Finally, Clarkston Capital Partners LLC purchased a new stake in shares of AbCellera Biologics in the 3rd quarter valued at about $57,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.