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

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) gapped down prior to trading 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.

Analysts Set New Price Targets

A number of analysts have weighed in on ABCL shares. Benchmark reiterated a "hold" rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. Stifel Nicolaus dropped their target price on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Truist Financial reduced their price target on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Finally, KeyCorp raised their price objective on shares of 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 50 day moving average price of $2.31 and a two-hundred day moving average price of $2.65. The company has a market capitalization of $943.02 million, a price-to-earnings ratio of -5.18 and a beta of 0.36.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The firm had revenue of $4.24 million during the quarter, compared to analysts' expectations of $7.12 million. Sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its stake 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 buying an additional 44,367 shares during the period. Millennium Management LLC increased its position in AbCellera Biologics by 96.7% in 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 during the period. Balyasny Asset Management L.P. bought a new stake in AbCellera Biologics during the 4th quarter worth about $40,000. HighTower Advisors LLC raised its holdings 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 purchasing an additional 60,600 shares during the last quarter. Finally, Guardian Partners Inc. acquired a new position in AbCellera Biologics during the 4th quarter valued at about $5,413,000. 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.