Citizens Financial Group Inc. RI Makes New Investment in AbCellera Biologics Inc. $ABCL

Citizens Financial Group Inc. RI bought a new stake in AbCellera Biologics Inc. (NASDAQ:ABCL) in the second quarter, HoldingsChannel reports. The firm bought 211,890 shares of the company’s stock, valued at approximately $1,663,000.

Several other hedge funds also recently made changes to their positions in ABCL. AssuredPartners Investment Advisors LLC purchased a new position in AbCellera Biologics during the fourth quarter valued at $34,000. Engineers Gate Manager LP bought a new position in shares of AbCellera Biologics in the 4th quarter worth about $38,000. Allworth Financial LP increased its stake in shares of AbCellera Biologics by 857.0% in the 4th quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock worth $39,000 after acquiring an additional 10,096 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of AbCellera Biologics in the 1st quarter worth about $46,000. Finally, Magnetar Financial LLC purchased a new position in AbCellera Biologics during the 4th quarter valued at about $49,000. 61.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ABCL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Friday, July 17th. Benchmark raised shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Tuesday, July 7th. Stifel Nicolaus lifted their target price on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Truist Financial boosted their price target on AbCellera Biologics from $12.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Finally, Cantor Fitzgerald upped their price target on AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, AbCellera Biologics currently has a consensus rating of “Moderate Buy” and an average price target of $12.83.

AbCellera Biologics Trading Down 0.7%

Shares of ABCL opened at $11.12 on Wednesday. The firm has a fifty day simple moving average of $6.89 and a two-hundred day simple moving average of $5.01. The firm has a market cap of $3.41 billion, a PE ratio of -20.59 and a beta of 1.20. AbCellera Biologics Inc. has a 1-year low of $2.74 and a 1-year high of $11.65.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%.The firm had revenue of $4.05 million during the quarter, compared to analysts’ expectations of $7.85 million. As a group, research analysts forecast that AbCellera Biologics Inc. will post -0.68 EPS for the current fiscal year.

AbCellera Biologics Company Profile

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.