AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 7.9% Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) traded down 7.9% during mid-day trading on Wednesday after KeyCorp lowered their price target on the stock from $5.00 to $4.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as low as $3.00 and last traded at $3.02. 1,269,137 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 2,985,526 shares. The stock had previously closed at $3.28.

A number of other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and set a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in shares of AbCellera Biologics by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after purchasing an additional 21,483 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of AbCellera Biologics by 58.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock worth $88,000 after buying an additional 12,500 shares during the last quarter. State Street Corp raised its position in shares of AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after buying an additional 4,679 shares in the last quarter. Quadrature Capital Ltd grew its position in AbCellera Biologics by 328.0% in the third quarter. Quadrature Capital Ltd now owns 59,617 shares of the company’s stock worth $154,000 after acquiring an additional 45,688 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in AbCellera Biologics in the third quarter worth $162,000. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Price Performance

The stock has a 50 day moving average of $2.90 and a 200 day moving average of $2.80. The firm has a market cap of $862.47 million, a P/E ratio of -4.79 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share 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 analysts’ expectations 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 period in the prior year, the business posted ($0.10) earnings per share. On average, research analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

About AbCellera Biologics

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.