AbCellera Biologics (NASDAQ:ABCL) Shares Down 4% – What’s Next?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) dropped 4% during trading on Tuesday . The stock traded as low as $3.27 and last traded at $3.23. Approximately 172,631 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,933,563 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. KeyCorp decreased their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Price Performance

The business’s 50-day simple moving average is $3.00 and its two-hundred day simple moving average is $2.83. The stock has a market capitalization of $956.41 million, a price-to-earnings ratio of -5.32 and a beta of 0.40.

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 the consensus estimate 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 return on equity of 15.73% and a negative net margin of 533.32%. During the same period last year, the firm earned ($0.10) EPS. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arcadia Investment Management Corp MI acquired a new position in AbCellera Biologics during the 3rd quarter valued at approximately $26,000. NBC Securities Inc. grew its position in shares of AbCellera Biologics by 56.0% during the third quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after acquiring an additional 4,100 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of AbCellera Biologics during the third quarter worth about $54,000. Clarkston Capital Partners LLC acquired a new stake in shares of AbCellera Biologics in the 3rd quarter worth about $57,000. Finally, B. Riley Wealth Advisors Inc. lifted its position in AbCellera Biologics by 104.8% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock valued at $64,000 after purchasing an additional 11,000 shares during 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.