AbCellera Biologics (NASDAQ:ABCL) Trading Down 6.1% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price fell 6.1% on Friday . The stock traded as low as $4.36 and last traded at $4.3550. 2,849,192 shares were traded during trading, a decline of 44% from the average session volume of 5,076,956 shares. The stock had previously closed at $4.64.

Analysts Set New Price Targets

ABCL has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a report on Wednesday. Wall Street Zen lowered shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Leerink Partners downgraded AbCellera Biologics from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.75.

AbCellera Biologics Trading Down 8.9%

The company has a 50 day moving average of $3.75 and a 200 day moving average of $4.40. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -7.41 and a beta of 0.73.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02). AbCellera Biologics had a negative net margin of 493.42% and a negative return on equity of 17.21%. The firm had revenue of $6.51 million during the quarter, compared to analyst estimates of $6.33 million. As a group, sell-side analysts anticipate that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABCL. Invesco Ltd. raised its holdings in AbCellera Biologics by 114.6% in the first quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock worth $54,000 after purchasing an additional 12,893 shares during the period. Ballentine Partners LLC bought a new stake in shares of AbCellera Biologics during the 2nd quarter worth approximately $81,000. XML Financial LLC acquired a new stake in AbCellera Biologics in the 2nd quarter valued at about $118,000. J2 Capital Management Inc bought a new position in AbCellera Biologics during the second quarter worth $45,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of AbCellera Biologics during the second quarter worth approximately $35,000. 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.