AbCellera Biologics (NASDAQ:ABCL) Price Target Lowered to $4.00 at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price target trimmed by KeyCorp from $5.00 to $4.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also issued reports about the stock. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Down 7.6 %

Shares of AbCellera Biologics stock opened at $3.03 on Wednesday. The firm has a market cap of $894.96 million, a price-to-earnings ratio of -4.97 and a beta of 0.40. AbCellera Biologics has a 52-week low of $2.34 and a 52-week high of $5.93. The company’s 50-day simple moving average is $2.89 and its 200-day simple moving average is $2.79.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The business had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. During the same period last year, the company posted ($0.10) earnings per share. Equities research analysts anticipate that AbCellera Biologics will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Walleye Capital LLC purchased a new stake in AbCellera Biologics in the 3rd quarter worth approximately $668,000. Renaissance Technologies LLC grew its position in shares of AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after purchasing an additional 239,000 shares during the period. GSA Capital Partners LLP increased its stake in AbCellera Biologics by 991.3% in the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after purchasing an additional 219,703 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in AbCellera Biologics during the second quarter worth about $923,000. Finally, State Street Corp boosted its stake in AbCellera Biologics by 1.5% in the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after buying an additional 4,679 shares during the last quarter. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.