AbCellera Biologics (NASDAQ:ABCL) Price Target Lowered to $4.00 at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price target lowered by analysts at KeyCorp from $5.00 to $4.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 30.72% from the stock’s current price.

A number of other research analysts have also recently issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Down 6.7 %

Shares of AbCellera Biologics stock traded down $0.22 during trading on Wednesday, reaching $3.06. The company’s stock had a trading volume of 3,121,659 shares, compared to its average volume of 3,381,208. The business has a 50 day moving average price of $2.89 and a 200-day moving average price of $2.79. The company has a market capitalization of $903.82 million, a P/E ratio of -5.02 and a beta of 0.40. AbCellera Biologics has a 12-month low of $2.34 and a 12-month high of $5.93.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results 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). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The company had revenue of $6.51 million for the quarter, compared to analyst estimates of $8.95 million. During the same period last year, the company earned ($0.10) earnings per share. Research analysts predict that AbCellera Biologics will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Citizens Financial Group Inc. RI acquired a new position in shares of AbCellera Biologics in the second quarter worth $923,000. Walleye Capital LLC acquired a new position in AbCellera Biologics in the 3rd quarter valued at about $668,000. Renaissance Technologies LLC lifted its holdings in AbCellera Biologics by 16.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after purchasing an additional 239,000 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of AbCellera Biologics by 991.3% during the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after purchasing an additional 219,703 shares during the last quarter. 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.