AbCellera Biologics (NASDAQ:ABCL) Announces Earnings Results

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) announced its earnings results on Thursday. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.05, Zacks reports. The firm had revenue of $17.08 million for the quarter, compared to analysts' expectations of $7.55 million. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%.

AbCellera Biologics Stock Up 0.2%

Shares of ABCL stock traded up $0.01 during mid-day trading on Friday, hitting $4.25. 13,241,980 shares of the company's stock were exchanged, compared to its average volume of 5,074,609. AbCellera Biologics has a fifty-two week low of $1.89 and a fifty-two week high of $5.82. The stock has a 50-day simple moving average of $3.76 and a two-hundred day simple moving average of $2.96. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -7.59 and a beta of 0.65.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in shares of AbCellera Biologics by 3.5% during the second quarter. Geode Capital Management LLC now owns 363,188 shares of the company's stock worth $1,246,000 after purchasing an additional 12,301 shares during the last quarter. Creative Planning boosted its holdings in shares of AbCellera Biologics by 6.9% during the second quarter. Creative Planning now owns 41,003 shares of the company's stock worth $141,000 after purchasing an additional 2,656 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of AbCellera Biologics by 114.6% during the first quarter. Invesco Ltd. now owns 24,146 shares of the company's stock worth $54,000 after purchasing an additional 12,893 shares during the last quarter. Institutional investors and hedge funds own 61.42% of the company's stock.

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.

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