AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6% – Time to Sell?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) dropped 6% on Monday . The company traded as low as $2.79 and last traded at $2.81. Approximately 2,399,331 shares were traded during trading, an increase of 34% from the average daily volume of 1,784,354 shares. The stock had previously closed at $2.99.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Benchmark reaffirmed 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 objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The firm has a market capitalization of $835.89 million, a PE ratio of -4.64 and a beta of 0.41. The firm’s 50 day moving average price is $2.85 and its 200-day moving average price is $2.79.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ABCL. Renaissance Technologies LLC raised its holdings in shares of AbCellera Biologics by 16.0% during the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after acquiring an additional 239,000 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after purchasing an additional 21,483 shares in the last quarter. State Street Corp lifted its holdings in AbCellera Biologics by 1.5% in the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after purchasing an additional 4,679 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new stake in AbCellera Biologics during the 2nd quarter worth $923,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of AbCellera Biologics by 104.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after buying an additional 158,000 shares in the last quarter. 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.