AbCellera Biologics (NASDAQ:ABCL) Shares Down 5% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) dropped 5% during mid-day trading on Monday . The company traded as low as $2.46 and last traded at $2.46. Approximately 432,200 shares traded hands during trading, a decline of 73% from the average daily volume of 1,586,929 shares. The stock had previously closed at $2.59.

Analyst Ratings Changes

ABCL has been the topic of several recent research reports. Benchmark lowered shares of AbCellera Biologics from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th. KeyCorp restated an “overweight” rating and issued a $5.00 target price (down previously from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th.

AbCellera Biologics Price Performance

The stock has a market capitalization of $720.43 million, a PE ratio of -4.71 and a beta of 0.38. The stock’s fifty day moving average is $2.60 and its 200-day moving average is $3.24.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. AbCellera Biologics had a negative net margin of 463.77% and a negative return on equity of 13.40%. The business had revenue of $7.30 million during the quarter, compared to the consensus estimate of $10.12 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. The company’s revenue was down 27.7% compared to the same quarter last year. On average, analysts forecast that AbCellera Biologics Inc. will post -0.55 EPS for the current year.

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning purchased a new position in shares of AbCellera Biologics during the 3rd quarter valued at approximately $93,000. Green Alpha Advisors LLC raised its position in AbCellera Biologics by 96.3% during the third quarter. Green Alpha Advisors LLC now owns 48,515 shares of the company’s stock worth $126,000 after acquiring an additional 23,806 shares during the period. Sanctuary Advisors LLC purchased a new position in AbCellera Biologics during the second quarter valued at $314,000. B. Riley Wealth Advisors Inc. grew its position in shares of AbCellera Biologics by 104.8% in the second quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock valued at $64,000 after purchasing an additional 11,000 shares during the period. Finally, Dark Forest Capital Management LP grew its position in shares of AbCellera Biologics by 45.6% in the second quarter. Dark Forest Capital Management LP now owns 146,001 shares of the company’s stock valued at $432,000 after purchasing an additional 45,721 shares during the period. 61.42% of the stock is currently 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.