Citizens Financial Group Inc. RI Purchases Shares of 211,890 AbCellera Biologics Inc. $ABCL

Key Points

• Citizens Financial Group acquired 211,890 AbCellera Biologics shares worth approximately $1.66 million, giving it a 0.07% stake. Institutional investors collectively own 61.42% of the company.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $12.83; targets range from $9 to $30.
• AbCellera shares opened at $11.12, near their 52-week high, despite the company missing quarterly earnings and revenue estimates and reporting a negative net margin.

Citizens Financial Group Inc. RI acquired a new position in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 211,890 shares of the company's stock, valued at approximately $1,663,000. Citizens Financial Group Inc. RI owned 0.07% of AbCellera Biologics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. SEB Asset Management AB bought a new position in AbCellera Biologics during the 1st quarter worth approximately $1,188,000. GSA Capital Partners LLP bought a new stake in AbCellera Biologics in the second quarter valued at approximately $1,659,000. Virtu Financial LLC purchased a new stake in shares of AbCellera Biologics during the fourth quarter valued at approximately $619,000. Hsbc Holdings PLC boosted its stake in shares of AbCellera Biologics by 375.4% during the fourth quarter. Hsbc Holdings PLC now owns 117,031 shares of the company's stock valued at $401,000 after purchasing an additional 92,414 shares during the period. Finally, Royal Bank of Canada grew its holdings in shares of AbCellera Biologics by 5.6% in the first quarter. Royal Bank of Canada now owns 394,753 shares of the company's stock worth $1,378,000 after purchasing an additional 20,897 shares during the last quarter. Institutional investors own 61.42% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ABCL shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AbCellera Biologics in a research note on Friday, July 17th. Wall Street Zen cut shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Truist Financial raised their price target on shares of AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Stifel Nicolaus boosted their price objective on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald upped their price objective on shares of AbCellera Biologics from $11.00 to $12.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. One 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.83.

AbCellera Biologics Stock Down 0.7%

Shares of AbCellera Biologics stock opened at $11.12 on Wednesday. The company has a market cap of $3.41 billion, a PE ratio of -20.59 and a beta of 1.20. The business has a 50 day moving average of $6.89 and a 200 day moving average of $5.01. AbCellera Biologics Inc. has a 52 week low of $2.74 and a 52 week high of $11.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released 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 company had revenue of $4.05 million during the quarter, compared to the consensus estimate 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, research analysts anticipate that AbCellera Biologics Inc. will post -0.68 earnings per share for the current year.

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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