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

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $3.15, but opened at $3.00. AbCellera Biologics shares last traded at $3.12, with a volume of 1,104,793 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ABCL shares. 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. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Stifel Nicolaus lowered 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. Finally, KeyCorp lifted their target price on AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th.

AbCellera Biologics Price Performance

The stock has a market capitalization of $954.96 million, a price-to-earnings ratio of -5.25 and a beta of 0.36. The business has a fifty day moving average of $2.31 and a 200-day moving average of $2.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The business had revenue of $4.24 million during the quarter, compared to analyst estimates of $7.12 million. As a group, research analysts anticipate that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC boosted its position in shares of AbCellera Biologics by 333.1% in the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock valued at $169,000 after purchasing an additional 44,367 shares during the period. Millennium Management LLC boosted its position in shares of AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after purchasing an additional 728,828 shares during the period. Balyasny Asset Management L.P. acquired a new stake in AbCellera Biologics during the 4th quarter worth about $40,000. HighTower Advisors LLC boosted its position in AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock worth $208,000 after acquiring an additional 60,600 shares during the period. Finally, Guardian Partners Inc. acquired a new stake in AbCellera Biologics during the 4th quarter worth about $5,413,000. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Company Profile

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.