AbCellera Biologics (NASDAQ:ABCL) Shares Down 5% - Here's Why

Key Points

• AbCellera Biologics shares fell about 5% in midday trading, with volume well below average as the stock moved from a prior close of $6.47 to around $6.15.
• Analyst sentiment is mixed but leans positive overall: Benchmark upgraded the stock to buy with an $11 target, while other firms have issued sell or hold calls. The current consensus rating is Moderate Buy with an average target price of $8.00.
• The company recently reported a smaller-than-expected quarterly loss and better-than-expected revenue, but it still posted negative margins and is forecast to remain unprofitable this year.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s stock price was down 5% during mid-day trading on Monday . The stock traded as low as $6.16 and last traded at $6.1450. 764,597 shares were traded during 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 equities research analysts have recently weighed in on the company. Benchmark raised AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AbCellera Biologics in a report on Friday. Wall Street Zen lowered shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. JonesTrading initiated coverage on shares of AbCellera Biologics in a report on Friday, April 10th. They set a "buy" rating and a $11.00 price objective on the stock. Finally, Cantor Fitzgerald started coverage on shares of AbCellera Biologics in a research report on Tuesday, May 5th. They set an "overweight" rating and a $7.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $8.00.

AbCellera Biologics Stock Down 8.1%

The firm has a fifty day simple moving average of $5.97 and a 200-day simple moving average of $4.50. The company has a market cap of $1.82 billion, a PE ratio of -12.43 and a beta of 1.14.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.08. The business had revenue of $8.31 million during the quarter, compared to the consensus estimate of $5.41 million. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.During the same period in the previous year, the business earned ($0.15) EPS. Equities research analysts forecast that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds have recently modified their holdings of the business. AssuredPartners Investment Advisors LLC purchased a new stake in AbCellera Biologics in the 4th quarter valued at $34,000. Voleon Capital Management LP purchased a new position in AbCellera Biologics during the 3rd quarter worth $56,000. Engineers Gate Manager LP acquired a new position in AbCellera Biologics in the fourth quarter valued at $38,000. Allworth Financial LP increased its stake in AbCellera Biologics by 857.0% in the fourth quarter. Allworth Financial LP now owns 11,274 shares of the company's stock valued at $39,000 after purchasing an additional 10,096 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of AbCellera Biologics in the first quarter valued at about $46,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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