AbCellera Biologics Inc. $ABCL Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its AbCellera Biologics stake by 36.8% in the first quarter, selling 878,600 shares and retaining 1.51 million shares worth approximately $5.27 million. Institutional investors collectively own 61.42% of the company.
• AbCellera reported weaker-than-expected quarterly results, with a loss of $0.18 per share versus the $0.14 consensus estimate and revenue of $4.05 million compared with expectations of $7.85 million.
• ABCL shares opened at $5.92, while analysts maintained a mixed but overall “Moderate Buy” consensus with an average price target of $8.00; targets from bullish analysts reached $11.00.

Renaissance Technologies LLC reduced its holdings in shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,510,629 shares of the company's stock after selling 878,600 shares during the quarter. Renaissance Technologies LLC owned 0.49% of AbCellera Biologics worth $5,272,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. AssuredPartners Investment Advisors LLC acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at $34,000. Engineers Gate Manager LP acquired a new stake in AbCellera Biologics in the 4th quarter valued at $38,000. Allworth Financial LP increased its holdings in AbCellera Biologics by 857.0% in the 4th 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 in the last quarter. Janney Montgomery Scott LLC purchased a new position in AbCellera Biologics in the first quarter valued at about $46,000. Finally, Magnetar Financial LLC purchased a new position in AbCellera Biologics in the fourth quarter valued at about $49,000. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Price Performance

AbCellera Biologics stock opened at $5.92 on Thursday. AbCellera Biologics Inc. has a 12-month low of $2.74 and a 12-month high of $8.44. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -12.33 and a beta of 1.20. The firm's fifty day moving average price is $6.19 and its 200 day moving average price is $4.66.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.04). AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. The firm had revenue of $4.05 million during the quarter, compared to analysts' expectations of $7.85 million. Analysts forecast that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ABCL has been the subject of several analyst reports. JonesTrading initiated coverage on AbCellera Biologics in a research report on Friday, April 10th. They issued a "buy" rating and a $11.00 target price for the company. Wall Street Zen downgraded AbCellera Biologics from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Cantor Fitzgerald began coverage on AbCellera Biologics in a research report on Tuesday, May 5th. They set an "overweight" rating and a $7.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of AbCellera Biologics in a report on Friday, July 17th. Finally, Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, AbCellera Biologics currently has an average rating of "Moderate Buy" and an average price target of $8.00.

AbCellera Biologics Profile

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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