AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6.1%

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price dropped 6.1% on Monday . The company traded as low as $2.78 and last traded at $2.78. Approximately 1,382,799 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 1,487,564 shares. The stock had previously closed at $2.96.

Analysts Set New Price Targets

Separately, KeyCorp decreased their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $16.17.

AbCellera Biologics Trading Down 2.2 %

The business’s 50-day moving average is $3.57 and its two-hundred day moving average is $4.51.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $9.95 million for the quarter, compared to analysts’ expectations of $10.73 million. AbCellera Biologics had a negative net margin of 410.47% and a negative return on equity of 12.61%. The company’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) EPS. On average, research analysts predict that AbCellera Biologics Inc. will post -0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP lifted its stake in AbCellera Biologics by 20.1% in the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after purchasing an additional 4,615,887 shares during the last quarter. Intellectus Partners LLC increased its holdings in AbCellera Biologics by 1.2% in the 4th quarter. Intellectus Partners LLC now owns 887,283 shares of the company’s stock worth $5,066,000 after acquiring an additional 10,650 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in AbCellera Biologics by 143.1% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock valued at $1,649,000 after acquiring an additional 211,000 shares during the period. Trexquant Investment LP lifted its holdings in AbCellera Biologics by 458.5% during the third quarter. Trexquant Investment LP now owns 272,158 shares of the company’s stock valued at $1,252,000 after purchasing an additional 223,430 shares during the last quarter. Finally, Graham Capital Management L.P. boosted its holdings in AbCellera Biologics by 149.4% in the 3rd quarter. Graham Capital Management L.P. now owns 180,389 shares of the company’s stock worth $830,000 after buying an additional 108,060 shares during the period. 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.