AbCellera Biologics (NASDAQ:ABCL) Given New $7.00 Price Target 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 dropped by equities research analysts at Stifel Nicolaus from $8.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' price target indicates a potential upside of 62.60% from the stock's current price.

ABCL has been the topic of several other reports. Leerink Partners started coverage on AbCellera Biologics in a research report on Monday, July 7th. They set an "outperform" rating and a $5.00 price target on the stock. Truist Financial lowered their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. Finally, KeyCorp boosted their price target on AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbCellera Biologics has an average rating of "Buy" and a consensus price target of $8.00.

AbCellera Biologics Stock Down 4.3%

ABCL traded down $0.20 during trading on Friday, reaching $4.31. 4,034,535 shares of the company were exchanged, compared to its average volume of 5,084,527. The company's 50-day moving average is $3.85 and its two-hundred day moving average is $2.97. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -7.85 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 released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%. The firm had revenue of $17.08 million for the quarter, compared to analysts' expectations of $7.55 million. Equities analysts forecast that AbCellera Biologics will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ABCL. Creative Planning grew its position in shares of AbCellera Biologics by 6.9% in the second quarter. Creative Planning now owns 41,003 shares of the company's stock valued at $141,000 after purchasing an additional 2,656 shares during the period. Salem Investment Counselors Inc. grew its position in shares of AbCellera Biologics by 7.0% in the first quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company's stock valued at $176,000 after purchasing an additional 5,150 shares during the period. Pier 88 Investment Partners LLC grew its position in shares of AbCellera Biologics by 2.9% in the first quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company's stock valued at $544,000 after purchasing an additional 6,890 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of AbCellera Biologics in the second quarter valued at $35,000. Finally, Stratos Wealth Advisors LLC acquired a new position in AbCellera Biologics in the first quarter valued at $27,000. 61.42% of the stock is owned by institutional investors and hedge funds.

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.