AbCellera Biologics (NASDAQ:ABCL) Price Target Cut to $7.00 by Analysts at Stifel Nicolaus

Key Points

• Stifel Nicolaus has reduced its price target for AbCellera Biologics from $8.00 to $7.00, while maintaining a "buy" rating, indicating a potential upside of 72.24% from the previous close.
• Despite Stifel's downgrade, other analysts have varied opinions, with KeyCorp setting a higher target of $10.00 and a "strong-buy" rating, showcasing a consensus rating of "Buy" across multiple analysts.
• AbCellera Biologics experienced a trading decline of 4.2%, trading at $4.06 with a market capitalization of $1.21 billion and an earnings report that topped expectations by reporting a revenue of $17.08 million.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) had its price target cut by research analysts at Stifel Nicolaus from $8.00 to $7.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Stifel Nicolaus' price objective points to a potential upside of 64.71% from the company's previous close.

A number of other brokerages also recently weighed in on ABCL. Truist Financial cut their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Leerink Partners initiated coverage on AbCellera Biologics in a research note on Monday, July 7th. They issued an "outperform" rating and a $5.00 target price on the stock. KeyCorp boosted their target price on AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. 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. Based on data from MarketBeat.com, AbCellera Biologics has a consensus rating of "Buy" and an average target price of $8.00.

AbCellera Biologics Price Performance

Shares of NASDAQ:ABCL traded up $0.01 during midday trading on Friday, hitting $4.25. 13,245,907 shares of the company's stock were exchanged, compared to its average volume of 6,573,424. The stock has a 50 day moving average price of $3.81 and a 200-day moving average price of $2.97. The company has a market cap of $1.27 billion, a PE ratio of -7.73 and a beta of 0.65. AbCellera Biologics has a 12 month low of $1.89 and a 12 month high of $5.82.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. The company had revenue of $17.08 million during the quarter, compared to the consensus estimate of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 15.99%. On average, analysts anticipate that AbCellera Biologics will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Stratos Wealth Advisors LLC purchased a new stake in shares of AbCellera Biologics during the 1st quarter valued at approximately $27,000. Janney Montgomery Scott LLC purchased a new stake in shares of AbCellera Biologics during the 1st quarter valued at approximately $29,000. AssuredPartners Investment Advisors LLC purchased a new stake in shares of AbCellera Biologics during the 1st quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of AbCellera Biologics during the 2nd quarter valued at approximately $35,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at approximately $40,000. 61.42% of the stock is owned by institutional investors.

AbCellera Biologics Company 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.