AbCellera Biologics Inc. $ABCL Stock Position Reduced by Salem Investment Counselors Inc.

Key Points

• Salem Investment Counselors Inc. reduced its holdings in AbCellera Biologics by 80.3%, leaving them with 15,550 shares valued at $53,000 after selling 63,250 shares in the second quarter.
• Several hedge funds and institutional investors, including UBS AM and Millennium Management LLC, have increased their positions in AbCellera Biologics, with UBS AM raising its stake by 248.2%.
• AbCellera Biologics reported a better-than-expected earnings result of ($0.12) EPS, surpassing analysts' consensus estimates of ($0.17), alongside a revenue of $17.08 million for the most recent quarter.

Salem Investment Counselors Inc. reduced its position in shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 80.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,550 shares of the company's stock after selling 63,250 shares during the period. Salem Investment Counselors Inc.'s holdings in AbCellera Biologics were worth $53,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ABCL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in AbCellera Biologics by 248.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company's stock worth $34,946,000 after buying an additional 11,171,063 shares during the period. Millennium Management LLC raised its holdings in AbCellera Biologics by 96.7% during the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after buying an additional 728,828 shares during the last quarter. Two Sigma Investments LP raised its holdings in AbCellera Biologics by 28.6% during the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company's stock valued at $9,544,000 after buying an additional 723,676 shares during the last quarter. Two Sigma Advisers LP raised its holdings in AbCellera Biologics by 19.8% during the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company's stock valued at $7,643,000 after buying an additional 430,800 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in AbCellera Biologics by 333.1% during the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock valued at $169,000 after buying an additional 44,367 shares during the last quarter. 61.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ABCL shares. Leerink Partners started coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They issued an "outperform" rating and a $5.00 price objective for the company. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. Stifel Nicolaus decreased their price objective on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 8th. Wall Street Zen upgraded shares of AbCellera Biologics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, KeyCorp raised their target price on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, AbCellera Biologics has an average rating of "Buy" and an average price target of $8.00.

AbCellera Biologics Trading Down 4.4%

AbCellera Biologics stock traded down $0.21 during midday trading on Friday, reaching $4.51. 5,952,153 shares of the stock traded hands, compared to its average volume of 3,577,983. The company has a 50-day simple moving average of $4.42 and a two-hundred day simple moving average of $3.23. AbCellera Biologics Inc. has a 12-month low of $1.89 and a 12-month high of $5.82. The firm has a market cap of $1.35 billion, a PE ratio of -8.20 and a beta of 0.64.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.05. The firm had revenue of $17.08 million during the quarter, compared to analysts' expectations of $7.55 million. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%. Equities research analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

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.