AbCellera Biologics (NASDAQ:ABCL) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of AbCellera Biologics (NASDAQ:ABCL) from a hold rating to a sell rating in a report released on Saturday,Wall Street Zen reports.

Several other equities analysts have also issued reports on the company. Benchmark upgraded AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Tuesday, July 7th. Cantor Fitzgerald raised their target price on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group initiated coverage on shares of AbCellera Biologics in a research note on Thursday, September 24th. They issued a “neutral” rating and a $13.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Friday, July 17th. Finally, Stifel Nicolaus increased their price objective on shares of AbCellera Biologics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.86.

AbCellera Biologics Trading Up 9.6%

Shares of AbCellera Biologics stock opened at $13.92 on Friday. The stock’s fifty day simple moving average is $9.97 and its 200 day simple moving average is $6.74. The company has a market capitalization of $4.27 billion, a PE ratio of -25.78 and a beta of 1.32. AbCellera Biologics has a 12 month low of $2.74 and a 12 month high of $14.23.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The business had revenue of $4.05 million during the quarter, compared to the consensus estimate of $7.85 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. Analysts predict that AbCellera Biologics will post -0.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ABCL. BlackRock Inc. acquired a new position in AbCellera Biologics during the 2nd quarter worth approximately $29,872,000. Hsbc Holdings PLC bought a new stake in shares of AbCellera Biologics in the second quarter worth $929,000. SEB Asset Management AB bought a new stake in shares of AbCellera Biologics in the first quarter worth $1,188,000. Bank of America Corp DE acquired a new position in AbCellera Biologics during the second quarter worth $48,211,000. Finally, Citizens Financial Group Inc. RI bought a new position in AbCellera Biologics in the second quarter valued at $1,663,000. 61.42% of the stock is currently owned by institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.