AbCellera Biologics (NASDAQ:ABCL) Shares Down 7.9% Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price was down 7.9% on Wednesday after KeyCorp lowered their price target on the stock from $5.00 to $4.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as low as $3.00 and last traded at $3.02. Approximately 1,269,137 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 2,985,526 shares. The stock had previously closed at $3.28.

Several other equities research analysts have also recently weighed in on ABCL. 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 report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors have recently made changes to their positions in the stock. Arcadia Investment Management Corp MI acquired a new stake in AbCellera Biologics in the third quarter valued at approximately $26,000. NBC Securities Inc. grew its position in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after purchasing an additional 4,100 shares during the period. Evergreen Capital Management LLC bought a new stake in AbCellera Biologics during the 2nd quarter valued at $32,000. Ballentine Partners LLC acquired a new position in AbCellera Biologics during the third quarter worth $54,000. Finally, Clarkston Capital Partners LLC acquired a new position in AbCellera Biologics during the third quarter worth $57,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Down 3.6 %

The stock has a market capitalization of $862.47 million, a P/E ratio of -4.79 and a beta of 0.40. The business’s 50 day simple moving average is $2.90 and its two-hundred day simple moving average is $2.80.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data 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). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The firm had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. During the same period in the previous year, the company posted ($0.10) earnings per share. Analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

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.