Moloney Securities Asset Management LLC Reduces Stake in AbCellera Biologics Inc. (NASDAQ:ABCL)

Moloney Securities Asset Management LLC reduced its stake in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 84.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,400 shares of the company's stock after selling 76,000 shares during the quarter. Moloney Securities Asset Management LLC's holdings in AbCellera Biologics were worth $32,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. DKM Wealth Management Inc. purchased a new stake in AbCellera Biologics in the 4th quarter valued at $29,000. Stratos Wealth Advisors LLC purchased a new stake in AbCellera Biologics in the 1st quarter valued at $27,000. Janney Montgomery Scott LLC purchased a new stake in AbCellera Biologics in the 1st quarter valued at $29,000. Balyasny Asset Management L.P. purchased a new stake in AbCellera Biologics in the 4th quarter valued at $40,000. Finally, Mariner LLC purchased a new stake in AbCellera Biologics in the 4th quarter valued at $42,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Trading Down 5.6%

Shares of NASDAQ ABCL opened at $4.01 on Friday. AbCellera Biologics Inc. has a twelve month low of $1.89 and a twelve month high of $4.33. The stock has a 50 day moving average of $2.82 and a two-hundred day moving average of $2.76. The stock has a market cap of $1.20 billion, a P/E ratio of -7.16 and a beta of 0.62.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%. The business had revenue of $4.24 million during the quarter, compared to analysts' expectations of $7.12 million. As a group, research analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. KeyCorp boosted their price objective on shares of AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Leerink Partnrs upgraded shares of AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. Truist Financial reduced their price objective on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Finally, Leerink Partners assumed coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They issued an "outperform" rating and a $5.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbCellera Biologics currently has an average rating of "Buy" and a consensus target price of $7.50.

AbCellera Biologics Profile

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.

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