AbCellera Biologics (NASDAQ:ABCL) Hits New 1-Year Low at $2.70

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $2.70 and last traded at $2.72, with a volume of 809779 shares. The stock had previously closed at $2.78.

Analysts Set New Price Targets

Separately, KeyCorp reduced their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $16.17.

AbCellera Biologics Trading Down 2.2 %

The stock has a 50 day moving average price of $3.55 and a two-hundred day moving average price of $4.49.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The business had revenue of $9.95 million for the quarter, compared to analyst estimates of $10.73 million. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. The company’s revenue was down 18.4% on a year-over-year basis. As a group, research analysts forecast that AbCellera Biologics Inc. will post -0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently modified their holdings of the business. Pacifica Partners Inc. boosted its position in AbCellera Biologics by 82.9% in the fourth quarter. Pacifica Partners Inc. now owns 4,820 shares of the company’s stock valued at $28,000 after buying an additional 2,185 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in AbCellera Biologics in the third quarter valued at approximately $48,000. Signaturefd LLC boosted its position in AbCellera Biologics by 306.3% in the fourth quarter. Signaturefd LLC now owns 10,596 shares of the company’s stock valued at $61,000 after buying an additional 7,988 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in AbCellera Biologics in the fourth quarter valued at approximately $62,000. Finally, Seelaus Asset Management LLC purchased a new stake in AbCellera Biologics in the first quarter valued at approximately $68,000. Hedge funds and other institutional investors 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.