Hsbc Holdings PLC Purchases New Holdings in AbCellera Biologics Inc. $ABCL

Key Points

• HSBC Holdings PLC purchased 117,930 shares of AbCellera Biologics during the second quarter, valued at approximately $929,000. Institutional investors collectively own 61.42% of the company.
• AbCellera shares opened at $11.28, well above their 50-day and 200-day moving averages of $8.14 and $5.60, respectively. The stock has traded between $2.74 and $12.58 over the past year.
• The company reported a quarterly loss of $0.18 per share and revenue of $4.05 million, missing analyst estimates for both. Despite mixed analyst views, the stock carries a “Moderate Buy” consensus rating with an average price target of $12.83.

Hsbc Holdings PLC purchased a new position in shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 117,930 shares of the company's stock, valued at approximately $929,000.

Other hedge funds have also recently added to or reduced their stakes in the company. SEB Asset Management AB acquired a new stake in shares of AbCellera Biologics during the 1st quarter worth $1,188,000. Citizens Financial Group Inc. RI bought a new stake in AbCellera Biologics during the second quarter worth about $1,663,000. GSA Capital Partners LLP bought a new stake in AbCellera Biologics during the second quarter worth about $1,659,000. Bank of America Corp DE grew its stake in AbCellera Biologics by 13.9% during the first quarter. Bank of America Corp DE now owns 2,999,936 shares of the company's stock worth $10,470,000 after buying an additional 367,064 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in AbCellera Biologics in the 4th quarter valued at about $619,000. Institutional investors own 61.42% of the company's stock.

AbCellera Biologics Price Performance

AbCellera Biologics stock opened at $11.28 on Wednesday. The stock's 50 day moving average is $8.14 and its 200 day moving average is $5.60. AbCellera Biologics Inc. has a one year low of $2.74 and a one year high of $12.58. The firm has a market cap of $3.46 billion, a P/E ratio of -20.89 and a beta of 1.31.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ABCL shares. Wall Street Zen downgraded shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Weiss Ratings restated a "sell (d-)" rating on shares of AbCellera Biologics in a research report on Friday, July 17th. Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Tuesday, July 7th. Cantor Fitzgerald raised their target price on AbCellera Biologics from $11.00 to $12.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Stifel Nicolaus upped their price objective on AbCellera Biologics from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding ABCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source