49,225 Shares in AbCellera Biologics Inc. $ABCL Acquired by State of Michigan Retirement System

State of Michigan Retirement System bought a new stake in AbCellera Biologics Inc. (NASDAQ:ABCL) in the second quarter, HoldingsChannel reports. The fund bought 49,225 shares of the company’s stock, valued at approximately $169,000.

A number of other large investors also recently bought and sold shares of ABCL. Caitong International Asset Management Co. Ltd acquired a new position in shares of AbCellera Biologics in the 2nd quarter valued at $35,000. Stratos Wealth Advisors LLC acquired a new stake in shares of AbCellera Biologics during the 1st quarter worth $27,000. J2 Capital Management Inc purchased a new position in shares of AbCellera Biologics in the 2nd quarter worth $45,000. Virtu Financial LLC acquired a new position in AbCellera Biologics in the first quarter valued at $52,000. Finally, Ballentine Partners LLC purchased a new stake in AbCellera Biologics during the second quarter valued at about $81,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Stifel Nicolaus dropped their price target 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. Leerink Partners reissued a “market perform” rating and set a $4.00 target price on shares of AbCellera Biologics in a research report on Friday. KeyCorp raised their price target on shares of AbCellera Biologics from $5.00 to $10.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.75.

AbCellera Biologics Stock Performance

Shares of NASDAQ:ABCL opened at $3.91 on Friday. The business’s 50-day simple moving average is $5.09 and its 200 day simple moving average is $3.99. The company has a market cap of $1.17 billion, a P/E ratio of -6.86 and a beta of 0.70. AbCellera Biologics Inc. has a one year low of $1.89 and a one year high of $6.51.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative return on equity of 16.94% and a negative net margin of 493.42%.The firm had revenue of $17.08 million during the quarter, compared to analysts’ expectations of $7.55 million. Analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current 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.