Bank of America Corp DE Acquires 367,064 Shares of AbCellera Biologics Inc. $ABCL

Key Points

• Bank of America increased its AbCellera Biologics stake by 13.9% in the first quarter, acquiring 367,064 shares to own nearly 3 million shares, or about 0.98% of the company. Institutional investors collectively hold 61.42% of ABCL.
• AbCellera reported weaker-than-expected quarterly results, with an EPS loss of $0.18 versus the $0.16 consensus estimate and revenue of $4.05 million compared with $7.85 million expected.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $12.83, although targets range from $9 to $30 and one analyst maintains a sell rating.

Bank of America Corp DE raised its stake in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 13.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,999,936 shares of the company's stock after acquiring an additional 367,064 shares during the period. Bank of America Corp DE owned approximately 0.98% of AbCellera Biologics worth $10,470,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ABCL. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of AbCellera Biologics during the fourth quarter valued at $26,938,000. Goldman Sachs Group Inc. grew its stake in shares of AbCellera Biologics by 1,636.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,344,485 shares of the company's stock valued at $14,858,000 after acquiring an additional 4,094,268 shares during the period. Tudor Investment Corp ET AL increased its holdings in AbCellera Biologics by 146.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,796,010 shares of the company's stock worth $6,142,000 after acquiring an additional 1,065,888 shares in the last quarter. Two Sigma Investments LP increased its holdings in AbCellera Biologics by 25.9% in the 3rd quarter. Two Sigma Investments LP now owns 5,175,142 shares of the company's stock worth $26,031,000 after acquiring an additional 1,064,290 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in AbCellera Biologics during the 3rd quarter worth approximately $3,707,000. 61.42% of the stock is currently owned by institutional investors.

AbCellera Biologics Price Performance

AbCellera Biologics stock opened at $11.32 on Monday. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -20.96 and a beta of 1.20. The business has a fifty day moving average price of $7.27 and a 200-day moving average price of $5.18. AbCellera Biologics Inc. has a 1-year low of $2.74 and a 1-year high of $12.15.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.02). The company had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. On average, equities research analysts anticipate that AbCellera Biologics Inc. will post -0.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABCL. Cantor Fitzgerald lifted their price objective on shares of AbCellera Biologics from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Benchmark upgraded shares of AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research report on Tuesday, July 7th. Wall Street Zen downgraded shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Stifel Nicolaus raised their price objective on AbCellera Biologics from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Truist Financial lifted their target price on AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.83.

About AbCellera Biologics

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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