AbCellera Biologics (NASDAQ:ABCL) Trading Down 7.9% – Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price fell 7.9% during mid-day trading on Wednesday . The company traded as low as $3.00 and last traded at $3.02. 1,269,137 shares were traded during mid-day trading, a decline of 57% from the average session volume of 2,985,526 shares. The stock had previously closed at $3.28.

Analyst Ratings Changes

A number of equities research analysts recently commented on ABCL shares. Stifel Nicolaus reissued a “buy” rating and set a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The stock has a market capitalization of $897.91 million, a price-to-earnings ratio of -4.98 and a beta of 0.40. The company has a 50 day moving average of $2.89 and a 200 day moving average of $2.79.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The business had revenue of $6.51 million during the quarter, compared to analysts’ expectations of $8.95 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. On average, equities analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently added to or reduced their stakes in ABCL. Headlands Technologies LLC purchased a new stake in AbCellera Biologics in the second quarter valued at $146,000. Citizens Financial Group Inc. RI purchased a new stake in AbCellera Biologics during the second quarter worth $923,000. Renaissance Technologies LLC grew its holdings in AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after purchasing an additional 239,000 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of AbCellera Biologics in the second quarter valued at $99,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position 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 worth $913,000 after buying an additional 158,000 shares in the last quarter. 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.