Man Group plc Purchases New Shares in AbCellera Biologics Inc. $ABCL

Key Points

• Man Group plc acquired 228,979 AbCellera Biologics shares worth approximately $1.8 million during the second quarter, representing about 0.07% of the company.
• Several other institutional investors also initiated positions, and hedge funds and institutions collectively own 61.42% of ABCL.
• AbCellera missed quarterly expectations, reporting $4.05 million in revenue and a loss of $0.18 per share. Despite mixed analyst views, the stock has a “Moderate Buy” consensus rating with an average price target of $12.83.

Man Group plc acquired a new position in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 228,979 shares of the company's stock, valued at approximately $1,797,000. Man Group plc owned approximately 0.07% of AbCellera Biologics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of AbCellera Biologics during the second quarter valued at about $929,000. Brandywine Managers LLC acquired a new position in shares of AbCellera Biologics in the second quarter worth about $224,000. Cibc World Market Inc. purchased a new position in AbCellera Biologics in the second quarter valued at about $135,000. Quantbot Technologies LP acquired a new stake in AbCellera Biologics during the 2nd quarter valued at approximately $628,000. Finally, Green Alpha Advisors LLC acquired a new position in shares of AbCellera Biologics in the 2nd quarter valued at approximately $172,000. 61.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Stock Down 1.7%

NASDAQ:ABCL opened at $11.28 on Wednesday. The company has a market cap of $3.46 billion, a PE ratio of -20.89 and a beta of 1.31. The business's 50 day moving average is $8.14 and its two-hundred day moving average is $5.60. AbCellera Biologics Inc. has a 52 week low of $2.74 and a 52 week high of $12.58.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted 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 net margin of 248.83% and a negative return on equity of 17.49%. The firm had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on ABCL. Weiss Ratings reiterated a "sell (d-)" rating on shares of AbCellera Biologics in a research note on Friday, July 17th. Stifel Nicolaus upped their price target on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Cantor Fitzgerald increased 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. Benchmark raised shares of AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a report on Tuesday, July 7th. Finally, Truist Financial boosted their target price on shares of AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AbCellera Biologics has a consensus 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.

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