AbCellera Biologics (NASDAQ:ABCL) Releases Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• AbCellera Biologics reported earnings of ($0.12) EPS, exceeding analysts' expectations of ($0.17) by $0.05, and generated $17.08 million in revenue for the quarter, significantly higher than the projected $7.55 million.
• The company's stock experienced a slight increase of 0.2%, trading at $4.25, with a market cap of $1.27 billion and a consensus target price of $8.00.
• Analysts have given mixed reviews with several target price adjustments; notable reports include a downgrade from Truist Financial to $10.00 and upgrades from KeyCorp to $10.00 with a rating of "overweight".

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) released its earnings results on Thursday. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05, Zacks reports. The company had revenue of $17.08 million during the quarter, compared to analyst estimates of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%.

AbCellera Biologics Stock Performance

ABCL traded up $0.25 on Wednesday, hitting $4.52. The company had a trading volume of 1,675,064 shares, compared to its average volume of 5,067,583. The stock has a fifty day moving average price of $3.89 and a 200-day moving average price of $2.98. AbCellera Biologics has a 12-month low of $1.89 and a 12-month high of $5.82. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -8.26 and a beta of 0.65.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in AbCellera Biologics by 114.6% in the first quarter. Invesco Ltd. now owns 24,146 shares of the company's stock valued at $54,000 after acquiring an additional 12,893 shares during the period. Creative Planning raised its stake in AbCellera Biologics by 6.9% in the 2nd quarter. Creative Planning now owns 41,003 shares of the company's stock valued at $141,000 after purchasing an additional 2,656 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in AbCellera Biologics by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 363,188 shares of the company's stock valued at $1,246,000 after buying an additional 12,301 shares in the last quarter. Hedge funds and other institutional investors own 61.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. KeyCorp increased their price objective on shares of AbCellera Biologics from $5.00 to $10.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Truist Financial lowered their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Leerink Partners began coverage on AbCellera Biologics in a research report on Monday, July 7th. They set an "outperform" rating and a $5.00 target price for the company. Stifel Nicolaus lowered their price target on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, Leerink Partnrs upgraded AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $8.00.

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.