AbCellera Biologics (NASDAQ:ABCL) Posts Earnings Results, Misses Expectations By $0.02 EPS

AbCellera Biologics (NASDAQ:ABCL) released its earnings results on Thursday. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02), Zacks reports. The business had revenue of $6.51 million for the quarter, compared to the consensus estimate of $6.33 million. AbCellera Biologics had a negative return on equity of 16.94% and a negative net margin of 493.42%.

AbCellera Biologics Stock Performance

ABCL stock traded down $0.62 during midday trading on Friday, reaching $3.91. 13,491,507 shares of the company’s stock traded hands, compared to its average volume of 4,577,421. The company has a 50-day moving average price of $5.09 and a two-hundred day moving average price of $4.00. AbCellera Biologics has a 52 week low of $1.89 and a 52 week high of $6.51. The firm has a market capitalization of $1.17 billion, a PE ratio of -6.86 and a beta of 0.70.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Wednesday, October 8th. Wall Street Zen cut shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday. KeyCorp upped their price objective on AbCellera Biologics from $5.00 to $10.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Stifel Nicolaus reduced their price objective on AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, August 8th. Finally, Leerink Partners reissued a “market perform” rating and issued a $4.00 target price on shares of AbCellera Biologics in a research report on Friday. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.75.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lantern Wealth Advisors LLC purchased a new stake in AbCellera Biologics during the 2nd quarter valued at about $51,000. Invesco Ltd. raised its holdings in AbCellera Biologics by 114.6% during the 1st quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock valued at $54,000 after buying an additional 12,893 shares during the last quarter. Raymond James Financial Inc. boosted its position in AbCellera Biologics by 17.0% during the 2nd quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock valued at $96,000 after buying an additional 4,070 shares during the period. Headlands Technologies LLC bought a new stake in AbCellera Biologics in the 2nd quarter worth $130,000. Finally, Creative Planning increased its position in shares of AbCellera Biologics by 6.9% in the second quarter. Creative Planning now owns 41,003 shares of the company’s stock valued at $141,000 after acquiring an additional 2,656 shares during the period. 61.42% of the stock is currently owned by institutional investors.

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.