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

AbCellera Biologics Inc. (NASDAQ:ABCL) shares traded down 7.9% during trading 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. 1,269,137 shares were traded during trading, a decline of 57% from the average session volume of 2,985,526 shares. The stock had previously closed at $3.28.

ABCL has been the subject of several other reports. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus restated a “buy” rating and set a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

Institutional Trading of AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Resolute Advisors LLC increased its position in AbCellera Biologics by 7.0% in the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock valued at $160,000 after acquiring an additional 4,050 shares during the period. NBC Securities Inc. increased 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 acquiring an additional 4,100 shares during the period. State Street Corp increased its position in AbCellera Biologics by 1.5% in the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after acquiring an additional 4,679 shares during the period. Arcadia Investment Management Corp MI acquired a new position in AbCellera Biologics in the 3rd quarter valued at about $26,000. Finally, Evergreen Capital Management LLC acquired a new position in AbCellera Biologics in the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The stock has a market cap of $862.47 million, a price-to-earnings ratio of -4.79 and a beta of 0.40. The company has a 50-day moving average of $2.90 and a 200-day moving average of $2.80.

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). AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The business had revenue of $6.51 million during the quarter, compared to analysts’ expectations of $8.95 million. During the same period in the prior year, the firm posted ($0.10) EPS. As a group, equities research analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

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.