AbCellera Biologics (NASDAQ:ABCL) Trading Down 6.1%

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

Wall Street Analysts Forecast Growth

Separately, KeyCorp decreased their price target on 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 investment analysts have rated the stock with a buy rating, According to MarketBeat.com, AbCellera Biologics currently has a consensus rating of “Buy” and a consensus target price of $16.17.

AbCellera Biologics Stock Performance

The stock has a 50 day moving average price of $3.62 and a two-hundred day moving average price of $4.54.

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. AbCellera Biologics had a negative net margin of 410.47% and a negative return on equity of 12.61%. The company had revenue of $9.95 million during the quarter, compared to the consensus estimate of $10.73 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. The company’s revenue for the quarter was down 18.4% compared to the same quarter last year. As a group, equities research analysts anticipate that AbCellera Biologics Inc. will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ABCL. Baker BROS. Advisors LP boosted its holdings in AbCellera Biologics by 20.1% during the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after acquiring an additional 4,615,887 shares during the period. Trexquant Investment LP grew its position in AbCellera Biologics by 458.5% during the 3rd quarter. Trexquant Investment LP now owns 272,158 shares of the company’s stock worth $1,252,000 after acquiring an additional 223,430 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of AbCellera Biologics by 143.1% during the third quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock worth $1,649,000 after purchasing an additional 211,000 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of AbCellera Biologics by 1,268.1% in the third quarter. GSA Capital Partners LLP now owns 146,190 shares of the company’s stock valued at $672,000 after buying an additional 135,504 shares in the last quarter. Finally, Graham Capital Management L.P. grew its position in shares of AbCellera Biologics by 149.4% during 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 institutional investors and hedge funds.

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.