AbCellera Biologics (NASDAQ:ABCL) Shares Down 7% – Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price dropped 7% during mid-day trading on Monday . The company traded as low as $10.44 and last traded at $10.5270. 3,601,242 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 6,286,006 shares. The stock had previously closed at $11.32.

Analyst Ratings Changes

ABCL has been the topic of several recent research reports. Benchmark upgraded AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a report on Friday, July 17th. Stifel Nicolaus boosted their target price on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Truist Financial raised their price target on shares of AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, AbCellera Biologics currently has an average rating of “Moderate Buy” and an average price target of $12.83.

AbCellera Biologics Stock Up 17.8%

The company’s 50-day moving average price is $7.53 and its 200-day moving average price is $5.29. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -23.15 and a beta of 1.20.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Wednesday, August 5th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). The company had revenue of $4.05 million for the quarter, compared to analysts’ expectations of $7.85 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. Analysts predict that AbCellera Biologics Inc. will post -0.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently bought and sold shares of the company. AssuredPartners Investment Advisors LLC purchased a new position in shares of AbCellera Biologics in the fourth quarter valued at approximately $34,000. Voleon Capital Management LP acquired a new stake in shares of AbCellera Biologics in the third quarter worth approximately $56,000. Engineers Gate Manager LP purchased a new stake in shares of AbCellera Biologics during the fourth quarter worth approximately $38,000. Allworth Financial LP increased its position in shares of AbCellera Biologics by 857.0% during the fourth quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock worth $39,000 after purchasing an additional 10,096 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in AbCellera Biologics in the 1st quarter valued at $46,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.