AbCellera Biologics (NASDAQ:ABCL) Trading Down 5.6% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price was down 5.6% on Monday . The stock traded as low as $7.45 and last traded at $7.6550. Approximately 1,454,663 shares changed hands during trading, a decline of 75% from the average daily volume of 5,733,949 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered AbCellera Biologics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. JonesTrading started coverage on AbCellera Biologics in a research note on Friday, April 10th. They set a “buy” rating and a $11.00 price objective on the stock. Finally, Cantor Fitzgerald started coverage on AbCellera Biologics in a report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.80.

AbCellera Biologics Stock Performance

The company has a 50 day moving average price of $5.47 and a 200 day moving average price of $4.26. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -16.64 and a beta of 1.14.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.08. The firm had revenue of $8.31 million during the quarter, compared to the consensus estimate of $5.41 million. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.During the same period last year, the company earned ($0.15) EPS. On average, research analysts forecast that AbCellera Biologics Inc. will post -0.67 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Invesco Ltd. raised its stake in shares of AbCellera Biologics by 114.6% in the 1st quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock valued at $54,000 after acquiring an additional 12,893 shares during the period. Geode Capital Management LLC boosted its position in shares of AbCellera Biologics by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 363,188 shares of the company’s stock worth $1,246,000 after purchasing an additional 12,301 shares during the period. Creative Planning boosted its position in shares of AbCellera Biologics by 6.9% during the 2nd quarter. Creative Planning now owns 41,003 shares of the company’s stock worth $141,000 after purchasing an additional 2,656 shares during the period. Raymond James Financial Inc. increased its holdings in AbCellera Biologics by 17.0% in the 2nd quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock valued at $96,000 after purchasing an additional 4,070 shares during the last quarter. Finally, Bank of America Corp DE raised its position in AbCellera Biologics by 1,304.5% in the second quarter. Bank of America Corp DE now owns 224,365 shares of the company’s stock valued at $770,000 after purchasing an additional 208,390 shares during the period. Hedge funds and other institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

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.