AbCellera Biologics (NASDAQ:ABCL) Trading Down 4% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) dropped 4% during trading on Tuesday . The company traded as low as $3.27 and last traded at $3.23. Approximately 172,631 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 3,933,563 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

ABCL has been the subject of a number of analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, KeyCorp cut their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th.

AbCellera Biologics Price Performance

The company has a market cap of $982.11 million, a P/E ratio of -5.40 and a beta of 0.40. The business’s 50 day moving average price is $2.97 and its 200-day moving average price is $2.82.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Arcadia Investment Management Corp MI acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $26,000. NBC Securities Inc. grew its position in shares of AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after acquiring an additional 4,100 shares during the period. Evergreen Capital Management LLC bought a new stake in AbCellera Biologics in the second quarter valued at approximately $32,000. Ballentine Partners LLC acquired a new position in AbCellera Biologics in the 3rd quarter valued at about $54,000. Finally, Clarkston Capital Partners LLC acquired a new stake in AbCellera Biologics during the 3rd quarter worth approximately $57,000. 61.42% of the stock is currently owned by 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.