AbCellera Biologics (NASDAQ:ABCL) Shares Down 4.9% - Time to Sell?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) traded down 4.9% during mid-day trading on Friday . The company traded as low as $3.36 and last traded at $3.30. 2,075,823 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 3,226,030 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

A number of research firms have weighed in on ABCL. Stifel Nicolaus reduced their target price on AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, February 28th. KeyCorp increased their price objective on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. Truist Financial cut their price target on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a report on Monday, March 3rd.

AbCellera Biologics Stock Down 5.9%

The company has a market capitalization of $974.34 million, a PE ratio of -5.81 and a beta of 0.36. The stock's 50 day moving average is $2.41 and its two-hundred day moving average is $2.66.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.02. The firm had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%. On average, sell-side analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ABCL. Squarepoint Ops LLC increased its stake in AbCellera Biologics by 333.1% during the fourth quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock worth $169,000 after purchasing an additional 44,367 shares during the period. Millennium Management LLC increased its position in shares of AbCellera Biologics by 96.7% during the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock worth $4,344,000 after purchasing an additional 728,828 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in AbCellera Biologics in the fourth quarter valued at approximately $40,000. HighTower Advisors LLC raised its holdings in shares of AbCellera Biologics by 577.9% in the fourth quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock valued at $208,000 after buying an additional 60,600 shares during the last quarter. Finally, Guardian Partners Inc. purchased a new stake in AbCellera Biologics during the 4th quarter valued at approximately $5,413,000. Hedge funds and other institutional investors 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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