AbCellera Biologics Inc. $ABCL Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in AbCellera Biologics by 71.2% during the first quarter, now holding 86,483 shares worth approximately $193,000.
• Contrasting with Goldman Sachs, UBS Asset Management increased its AbCellera holdings by 248.2%, owning 15.67 million shares valued at about $34.95 million.
• Analysts have upgraded AbCellera Biologics, with a majority rating it as a Buy and setting an average price target of $8.00, despite a recent quarterly loss per share of ($0.12).

Goldman Sachs Group Inc. cut its stake in shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 71.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,483 shares of the company's stock after selling 213,330 shares during the period. Goldman Sachs Group Inc.'s holdings in AbCellera Biologics were worth $193,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of AbCellera Biologics by 248.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company's stock valued at $34,946,000 after purchasing an additional 11,171,063 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of AbCellera Biologics by 333.1% in the fourth 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 in the last quarter. Northern Trust Corp grew its holdings in shares of AbCellera Biologics by 106.9% in the fourth quarter. Northern Trust Corp now owns 81,621 shares of the company's stock valued at $239,000 after purchasing an additional 42,174 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of AbCellera Biologics by 3.4% in the first quarter. Federated Hermes Inc. now owns 947,751 shares of the company's stock valued at $2,113,000 after purchasing an additional 31,514 shares in the last quarter. Finally, GEM Asset Management LLC acquired a new position in shares of AbCellera Biologics in the first quarter valued at approximately $63,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ABCL shares. Leerink Partnrs upgraded shares of AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. Wall Street Zen upgraded shares of AbCellera Biologics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Leerink Partners started coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They issued an "outperform" rating and a $5.00 price objective for the company. KeyCorp lifted their price objective on shares of AbCellera Biologics from $5.00 to $10.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus lowered their price target on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $8.00.

AbCellera Biologics Trading Up 1.9%

AbCellera Biologics stock opened at $4.74 on Monday. The stock has a market cap of $1.42 billion, a P/E ratio of -8.62 and a beta of 0.64. The company has a fifty day simple moving average of $4.49 and a 200-day simple moving average of $3.32. AbCellera Biologics Inc. has a 12-month low of $1.89 and a 12-month high of $5.82.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. The business had revenue of $17.08 million during the quarter, compared to analysts' expectations of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. As a group, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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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