AbCellera Biologics (NASDAQ:ABCL) Trading Down 3.7%

AbCellera Biologics Inc. (NASDAQ:ABCL) shares traded down 3.7% during mid-day trading on Tuesday . The company traded as low as $4.40 and last traded at $4.41. 577,359 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 1,439,832 shares. The stock had previously closed at $4.58.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Stifel Nicolaus dropped their price target on shares of AbCellera Biologics from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. KeyCorp started coverage on AbCellera Biologics in a research report on Tuesday, December 5th. They issued an “overweight” rating and a $6.00 target price for the company. Finally, Benchmark upgraded AbCellera Biologics from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Thursday, February 22nd. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, AbCellera Biologics presently has an average rating of “Buy” and an average price target of $15.86.

AbCellera Biologics Stock Up 0.9 %

The stock has a fifty day moving average price of $5.01 and a 200-day moving average price of $4.90.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative net margin of 384.99% and a negative return on equity of 12.36%. The firm had revenue of $9.18 million for the quarter, compared to the consensus estimate of $9.58 million. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.64 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently modified their holdings of ABCL. ArrowMark Colorado Holdings LLC acquired a new stake in AbCellera Biologics in the 2nd quarter worth $26,519,000. State Street Corp increased its stake in AbCellera Biologics by 1,087.3% during the second quarter. State Street Corp now owns 3,194,309 shares of the company’s stock valued at $34,019,000 after acquiring an additional 2,925,279 shares during the period. Lazard Asset Management LLC raised its holdings in AbCellera Biologics by 997.1% in the 1st quarter. Lazard Asset Management LLC now owns 3,189,837 shares of the company’s stock valued at $31,100,000 after acquiring an additional 2,899,091 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of AbCellera Biologics by 385.5% in the 1st quarter. Renaissance Technologies LLC now owns 2,617,603 shares of the company’s stock worth $25,522,000 after acquiring an additional 2,078,400 shares during the period. Finally, FIL Ltd bought a new position in AbCellera Biologics in the fourth quarter worth $10,711,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

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 had discovery programs that are either completed, in progress, or under contract with partners. It has a research collaboration and license agreement with Eli Lilly and Company; and a research collaboration with Confo Therapeutics for the discovery of therapeutic antibody candidates targeting two undisclosed GPCR targets.