AbCellera Biologics (NASDAQ:ABCL) Trading Down 6.1%

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) fell 6.1% during mid-day trading on Monday . The company traded as low as $2.78 and last traded at $2.78. 1,382,799 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 1,487,564 shares. The stock had previously closed at $2.96.

Wall Street Analyst Weigh In

Separately, KeyCorp reduced their target price on AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $16.17.

AbCellera Biologics Stock Performance

The firm has a 50-day simple moving average of $3.57 and a two-hundred day simple moving average of $4.51.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $9.95 million for the quarter, compared to the consensus estimate of $10.73 million. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.14) EPS. Equities analysts anticipate that AbCellera Biologics Inc. will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. purchased a new position in AbCellera Biologics in the 3rd quarter worth approximately $48,000. GSA Capital Partners LLP lifted its stake in AbCellera Biologics by 1,268.1% in the 3rd quarter. GSA Capital Partners LLP now owns 146,190 shares of the company’s stock worth $672,000 after purchasing an additional 135,504 shares in the last quarter. Trexquant Investment LP lifted its stake in AbCellera Biologics by 458.5% in the 3rd quarter. Trexquant Investment LP now owns 272,158 shares of the company’s stock worth $1,252,000 after purchasing an additional 223,430 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in AbCellera Biologics by 143.1% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock worth $1,649,000 after purchasing an additional 211,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in AbCellera Biologics by 19.6% in the 4th quarter. Principal Financial Group Inc. now owns 111,188 shares of the company’s stock worth $635,000 after purchasing an additional 18,217 shares in the last quarter. 61.42% of the stock is currently 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.