AbCellera Biologics (NASDAQ:ABCL) Shares Down 7%

AbCellera Biologics Inc. (NASDAQ:ABCL) dropped 7% during mid-day trading on Wednesday . The company traded as low as $2.57 and last traded at $2.65. Approximately 251,749 shares were traded during trading, a decline of 83% from the average daily volume of 1,482,947 shares. The stock had previously closed at $2.85.

Analysts Set New Price Targets

Separately, KeyCorp restated an “overweight” rating and set a $5.00 target price (down from $7.00) on shares of AbCellera Biologics in a research report on Thursday, July 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $14.20.

AbCellera Biologics Stock Performance

The stock has a market cap of $773.36 million, a PE ratio of -5.12 and a beta of 0.39. The stock has a fifty day simple moving average of $3.16 and a two-hundred day simple moving average of $4.05.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) 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 $7.30 million during the quarter, compared to analyst estimates of $10.12 million. During the same quarter last year, the firm posted ($0.11) EPS. The business’s revenue for the quarter was down 27.7% on a year-over-year basis. On average, equities analysts predict that AbCellera Biologics Inc. will post -0.6 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

Large investors have recently modified their holdings of the company. Pacifica Partners Inc. grew its position in shares of AbCellera Biologics by 78.8% in the first quarter. Pacifica Partners Inc. now owns 8,619 shares of the company’s stock valued at $39,000 after purchasing an additional 3,799 shares during the last quarter. Signaturefd LLC increased its holdings in AbCellera Biologics by 306.3% in the 4th quarter. Signaturefd LLC now owns 10,596 shares of the company’s stock valued at $61,000 after buying an additional 7,988 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in AbCellera Biologics in the 4th quarter valued at about $62,000. Seelaus Asset Management LLC acquired a new position in shares of AbCellera Biologics in the 1st quarter valued at $68,000. Finally, PFG Investments LLC acquired a new position in AbCellera Biologics during the first quarter valued at approximately $75,000. 61.42% of the stock is 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.