AbCellera Biologics (NASDAQ:ABCL) Stock Bumped Down to "Sell" by Wall Street Zen

Key Points

• Wall Street Zen downgraded AbCellera Biologics to “Sell” from “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $12.86.
• AbCellera shares opened at $12.70, near their 12-month high of $13.18, but the company reported weaker-than-expected quarterly results, including an adjusted loss of $0.18 per share and revenue of $4.05 million versus $7.85 million expected.
• Institutional investors own 61.42% of the company, with major new positions established by Bank of America and BlackRock during the second quarter.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently weighed in on the company. Cantor Fitzgerald lifted their price objective on AbCellera Biologics from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Stifel Nicolaus raised their target price on shares of AbCellera Biologics from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Truist Financial lifted their price target on shares of AbCellera Biologics from $12.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Benchmark raised shares of AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Tuesday, July 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of AbCellera Biologics in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.86.

AbCellera Biologics Trading Up 0.4%

Shares of NASDAQ ABCL opened at $12.70 on Friday. AbCellera Biologics has a 12-month low of $2.74 and a 12-month high of $13.18. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -23.52 and a beta of 1.32. The firm has a 50 day moving average of $9.80 and a 200 day moving average of $6.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The business had revenue of $4.05 million for the quarter, compared to analysts' expectations of $7.85 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. Sell-side analysts predict that AbCellera Biologics will post -0.68 EPS for the current year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new position in shares of AbCellera Biologics during the second quarter valued at about $48,211,000. BlackRock Inc. bought a new position in AbCellera Biologics during the second quarter valued at approximately $29,872,000. Royal Bank of Canada boosted its stake in AbCellera Biologics by 5.6% during the first quarter. Royal Bank of Canada now owns 394,753 shares of the company's stock valued at $1,378,000 after buying an additional 20,897 shares during the last quarter. SEB Asset Management AB purchased a new position in AbCellera Biologics during the 1st quarter valued at approximately $1,188,000. Finally, Headlands Technologies LLC grew its holdings in AbCellera Biologics by 34.8% during the 2nd quarter. Headlands Technologies LLC now owns 246,252 shares of the company's stock valued at $1,933,000 after buying an additional 63,596 shares in the last quarter. Hedge funds and other institutional investors own 61.42% of the company's stock.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.

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