AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 7.9% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) was down 7.9% during mid-day trading on Wednesday . The company traded as low as $3.00 and last traded at $3.02. Approximately 1,269,137 shares changed hands during trading, a decline of 57% from the average daily volume of 2,985,526 shares. The stock had previously closed at $3.28.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ABCL. Stifel Nicolaus restated a “buy” rating and issued a $12.00 price objective (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The stock has a market cap of $897.91 million, a P/E ratio of -4.98 and a beta of 0.40. The stock has a 50-day moving average price of $2.89 and a 200-day moving average price of $2.79.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The firm had revenue of $6.51 million for the quarter, compared to the consensus estimate of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same quarter in the prior year, the company earned ($0.10) earnings per share. Sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in ABCL. Arcadia Investment Management Corp MI purchased a new stake in shares of AbCellera Biologics during the third quarter valued at approximately $26,000. NBC Securities Inc. increased its stake in shares of AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after purchasing an additional 4,100 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in AbCellera Biologics in the second quarter worth about $32,000. Ballentine Partners LLC bought a new position in shares of AbCellera Biologics during the third quarter valued at approximately $54,000. Finally, Clarkston Capital Partners LLC bought a new position in AbCellera Biologics in the 3rd quarter valued at $57,000. Institutional investors own 61.42% of the company’s stock.

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.