AbCellera Biologics (NASDAQ:ABCL) Issues Quarterly Earnings Results

AbCellera Biologics (NASDAQ:ABCL) released its quarterly earnings results on Thursday. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02), Zacks reports. AbCellera Biologics had a negative net margin of 493.42% and a negative return on equity of 16.94%. The business had revenue of $6.51 million for the quarter, compared to the consensus estimate of $6.33 million.

AbCellera Biologics Stock Performance

NASDAQ:ABCL traded down $0.62 during mid-day trading on Friday, hitting $3.91. 13,491,507 shares of the stock were exchanged, compared to its average volume of 4,577,421. The firm’s 50-day simple moving average is $5.09 and its 200 day simple moving average is $4.00. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -6.86 and a beta of 0.70. AbCellera Biologics has a fifty-two week low of $1.89 and a fifty-two week high of $6.51.

Institutional Investors Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lantern Wealth Advisors LLC purchased a new stake in AbCellera Biologics in the 2nd quarter valued at about $51,000. Invesco Ltd. boosted its position in AbCellera Biologics by 114.6% during the first quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock worth $54,000 after purchasing an additional 12,893 shares during the period. Raymond James Financial Inc. grew its stake in AbCellera Biologics by 17.0% in the 2nd quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock valued at $96,000 after buying an additional 4,070 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of AbCellera Biologics during the 2nd quarter valued at $130,000. Finally, Creative Planning increased its position in shares of AbCellera Biologics by 6.9% during the second quarter. Creative Planning now owns 41,003 shares of the company’s stock valued at $141,000 after buying an additional 2,656 shares during the period. 61.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ABCL. Wall Street Zen downgraded shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday. Leerink Partners reaffirmed a “market perform” rating and issued a $4.00 price target on shares of AbCellera Biologics in a research note on Friday. KeyCorp raised their price objective on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a report on Wednesday, October 8th. Finally, Stifel Nicolaus lowered their target price on AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, AbCellera Biologics presently has an average rating of “Hold” and a consensus price target of $7.75.

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.