Benchmark Downgrades AbCellera Biologics (NASDAQ:ABCL) to Hold

AbCellera Biologics (NASDAQ:ABCL) was downgraded by research analysts at Benchmark from a “buy” rating to a “hold” rating in a report issued on Tuesday, MarketBeat Ratings reports.

Separately, KeyCorp reissued an “overweight” rating and set a $5.00 price target (down previously from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.20.

AbCellera Biologics Stock Performance

ABCL stock opened at $2.64 on Tuesday. AbCellera Biologics has a 1 year low of $2.40 and a 1 year high of $6.05. The firm has a market cap of $776.30 million, a P/E ratio of -5.08 and a beta of 0.39. The stock’s 50 day moving average price is $2.92 and its 200 day moving average price is $3.86.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $7.30 million for the quarter, compared to analyst estimates of $10.12 million. AbCellera Biologics had a negative net margin of 410.47% and a negative return on equity of 12.61%. The firm’s quarterly revenue was down 27.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) EPS. On average, research analysts predict that AbCellera Biologics will post -0.6 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Institutional investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP grew its holdings in shares of AbCellera Biologics by 20.1% during the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after purchasing an additional 4,615,887 shares during the period. Renaissance Technologies LLC lifted its position in AbCellera Biologics by 16.0% during the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after buying an additional 239,000 shares in the last quarter. Intellectus Partners LLC grew its stake in AbCellera Biologics by 1.2% during the fourth quarter. Intellectus Partners LLC now owns 887,283 shares of the company’s stock worth $5,066,000 after buying an additional 10,650 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in shares of AbCellera Biologics in the second quarter worth $923,000. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of AbCellera Biologics by 104.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock valued at $913,000 after acquiring an additional 158,000 shares during the period. 61.42% of the stock is owned by hedge funds and other institutional investors.

About AbCellera Biologics

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.