AbCellera Biologics (NASDAQ:ABCL) Trading Down 5% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price fell 5% during trading on Friday . The company traded as low as $3.10 and last traded at $3.13. 542,082 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,732,054 shares. The stock had previously closed at $3.29.

Analyst Ratings Changes

A number of research firms have recently commented on ABCL. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. KeyCorp lowered their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.1 %

The company has a market capitalization of $902.36 million, a PE ratio of -5.02 and a beta of 0.42. The stock has a fifty day moving average of $3.04 and a two-hundred day moving average of $2.83.

AbCellera Biologics (NASDAQ:ABCL) last announced 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). The firm had revenue of $6.51 million for the quarter, compared to analysts’ expectations 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) earnings per share. Equities analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in AbCellera Biologics during the 4th quarter worth approximately $57,000. State of New Jersey Common Pension Fund D bought a new position in AbCellera Biologics during the 4th quarter worth approximately $36,000. Moloney Securities Asset Management LLC bought a new position in AbCellera Biologics during the 4th quarter worth approximately $265,000. China Universal Asset Management Co. Ltd. grew its position in AbCellera Biologics by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company’s stock worth $184,000 after acquiring an additional 5,955 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in AbCellera Biologics by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after acquiring an additional 21,483 shares during the last quarter. 61.42% of the stock is currently owned by institutional investors.

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.