AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6.1%

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

Wall Street Analyst Weigh In

Separately, KeyCorp cut their price objective on AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, AbCellera Biologics has an average rating of “Buy” and an average price target of $16.17.

AbCellera Biologics Stock Down 6.1 %

The business 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 quarterly earnings data on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $9.95 million for the quarter, compared to the consensus estimate of $10.73 million. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. AbCellera Biologics’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. As a group, research analysts forecast that AbCellera Biologics Inc. will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP lifted its stake in AbCellera Biologics by 20.1% in the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after purchasing an additional 4,615,887 shares in the last quarter. Nan Fung Group Holdings Ltd increased its holdings in shares of AbCellera Biologics by 307.1% in the first quarter. Nan Fung Group Holdings Ltd now owns 50,971 shares of the company’s stock worth $231,000 after purchasing an additional 38,450 shares during the period. State Board of Administration of Florida Retirement System purchased a new stake in shares of AbCellera Biologics in the first quarter worth $239,000. Seelaus Asset Management LLC bought a new stake in AbCellera Biologics during the first quarter valued at $68,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in AbCellera Biologics during the first quarter worth about $454,000. Institutional investors own 61.42% of the company’s stock.

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.