AbCellera Biologics (NASDAQ:ABCL) Rating Lowered to Sell at Wall Street Zen

AbCellera Biologics (NASDAQ:ABCL) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

ABCL has been the subject of several other reports. KeyCorp raised their target price on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. Leerink Partners reissued a “market perform” rating and issued a $4.00 price objective on shares of AbCellera Biologics in a research note on Friday. Leerink Partnrs lowered AbCellera Biologics from a “strong-buy” rating to a “hold” rating in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Wednesday, October 8th. Finally, Stifel Nicolaus dropped their price target on AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.75.

AbCellera Biologics Price Performance

Shares of NASDAQ ABCL traded down $0.62 during mid-day trading on Friday, reaching $3.91. The company’s stock had a trading volume of 13,491,507 shares, compared to its average volume of 4,577,421. AbCellera Biologics has a 52 week low of $1.89 and a 52 week high of $6.51. The stock has a fifty day moving average of $5.09 and a two-hundred day moving average of $3.99. The firm has a market capitalization of $1.17 billion, a PE ratio of -6.86 and a beta of 0.70.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative net margin of 493.42% and a negative return on equity of 16.94%. The firm had revenue of $17.08 million during the quarter, compared to analyst estimates of $7.55 million. Analysts anticipate that AbCellera Biologics will post -0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of AbCellera Biologics by 248.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company’s stock valued at $34,946,000 after purchasing an additional 11,171,063 shares during the period. Baillie Gifford & Co. boosted its holdings in AbCellera Biologics by 0.6% in the 3rd quarter. Baillie Gifford & Co. now owns 10,422,966 shares of the company’s stock worth $52,428,000 after buying an additional 62,962 shares during the last quarter. Federated Hermes Inc. increased its stake in AbCellera Biologics by 3.4% during the 1st quarter. Federated Hermes Inc. now owns 947,751 shares of the company’s stock worth $2,113,000 after buying an additional 31,514 shares in the last quarter. Norges Bank purchased a new stake in AbCellera Biologics during the 2nd quarter worth approximately $2,164,000. Finally, State of Michigan Retirement System boosted its stake in shares of AbCellera Biologics by 712.6% in the third quarter. State of Michigan Retirement System now owns 400,000 shares of the company’s stock worth $2,012,000 after acquiring an additional 350,775 shares during the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

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’s preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.