AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 5% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price dropped 5% during trading on Monday . The company traded as low as $6.16 and last traded at $6.1450. 764,597 shares were traded during mid-day trading, a decline of 87% from the average session volume of 5,761,868 shares. The stock had previously closed at $6.47.

Analyst Ratings Changes

Several research analysts have recently commented on ABCL shares. Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Friday. JonesTrading assumed coverage on AbCellera Biologics in a research note on Friday, April 10th. They set a “buy” rating and a $11.00 price objective for the company. Benchmark upgraded shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald began coverage on shares of AbCellera Biologics in a report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $8.00.

AbCellera Biologics Stock Performance

The firm has a market capitalization of $1.82 billion, a PE ratio of -12.44 and a beta of 1.14. The stock’s 50-day simple moving average is $6.00 and its 200-day simple moving average is $4.53.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.08. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. The firm had revenue of $8.31 million during the quarter, compared to analysts’ expectations of $5.41 million. During the same period last year, the company posted ($0.15) EPS. As a group, analysts predict that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tudor Investment Corp ET AL bought a new stake in shares of AbCellera Biologics during the third quarter valued at approximately $3,673,000. Virtu Financial LLC bought a new position in AbCellera Biologics in the fourth quarter worth $619,000. Hsbc Holdings PLC raised its holdings in AbCellera Biologics by 375.4% in the fourth quarter. Hsbc Holdings PLC now owns 117,031 shares of the company’s stock worth $401,000 after purchasing an additional 92,414 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in AbCellera Biologics by 21.1% during the fourth quarter. Stratos Wealth Advisors LLC now owns 23,000 shares of the company’s stock valued at $79,000 after buying an additional 4,000 shares during the period. Finally, Voleon Capital Management LP purchased a new position in AbCellera Biologics during the third quarter valued at $56,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.