AbCellera Biologics (NASDAQ:ABCL) Given New $4.00 Price Target at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price objective trimmed by KeyCorp from $5.00 to $4.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

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

AbCellera Biologics Trading Down 7.6 %

ABCL stock opened at $3.03 on Wednesday. The company has a market cap of $894.96 million, a PE ratio of -4.97 and a beta of 0.40. The stock has a 50-day moving average price of $2.89 and a two-hundred day moving average price of $2.79. AbCellera Biologics has a 12-month low of $2.34 and a 12-month high of $5.93.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. Equities analysts forecast that AbCellera Biologics will post -0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently added to or reduced their stakes in the company. Resolute Advisors LLC increased its holdings in AbCellera Biologics by 7.0% during the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock worth $160,000 after purchasing an additional 4,050 shares during the last quarter. NBC Securities Inc. raised its holdings in AbCellera Biologics by 56.0% in the third 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 in the last quarter. State Street Corp grew its holdings in AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after acquiring an additional 4,679 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of AbCellera Biologics in the 3rd quarter valued at about $26,000. Finally, Evergreen Capital Management LLC bought a new stake in AbCellera Biologics in the second quarter valued at about $32,000. 61.42% of the stock is 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.