Salem Investment Counselors Inc. Has $176,000 Holdings in AbCellera Biologics Inc. (NASDAQ:ABCL)

Salem Investment Counselors Inc. grew its stake in shares of AbCellera Biologics Inc. (NASDAQ:ABCL) by 7.0% in the 1st quarter, HoldingsChannel reports. The fund owned 78,800 shares of the company’s stock after purchasing an additional 5,150 shares during the quarter. Salem Investment Counselors Inc.’s holdings in AbCellera Biologics were worth $176,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. DKM Wealth Management Inc. acquired a new stake in AbCellera Biologics during the fourth quarter worth approximately $29,000. State of New Jersey Common Pension Fund D acquired a new stake in AbCellera Biologics during the fourth quarter worth approximately $36,000. Balyasny Asset Management L.P. acquired a new stake in AbCellera Biologics during the fourth quarter worth approximately $40,000. Mariner LLC acquired a new stake in AbCellera Biologics during the fourth quarter worth approximately $42,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of AbCellera Biologics in the fourth quarter valued at approximately $46,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus dropped their price target on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Truist Financial dropped their price target on shares of AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, May 16th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. Finally, KeyCorp lifted their price target on shares of AbCellera Biologics from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Wednesday, April 16th.

AbCellera Biologics Price Performance

Shares of NASDAQ:ABCL opened at $3.20 on Friday. The company’s 50 day simple moving average is $2.31 and its 200 day simple moving average is $2.65. The stock has a market capitalization of $954.96 million, a price-to-earnings ratio of -5.25 and a beta of 0.36. AbCellera Biologics Inc. has a 1 year low of $1.89 and a 1 year high of $3.68.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. The business had revenue of $4.24 million for the quarter, compared to analysts’ expectations of $7.12 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. As a group, analysts anticipate that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal 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.