AbCellera Biologics (NASDAQ:ABCL) Hits New 1-Year Low at $2.70

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $2.70 and last traded at $2.72, with a volume of 809779 shares traded. The stock had previously closed at $2.78.

Wall Street Analyst Weigh In

Separately, KeyCorp decreased their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $16.17.

AbCellera Biologics Price Performance

The stock’s 50-day simple moving average is $3.55 and its 200-day simple moving average is $4.49.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. AbCellera Biologics had a negative net margin of 410.47% and a negative return on equity of 12.61%. The business had revenue of $9.95 million during the quarter, compared to the consensus estimate of $10.73 million. During the same period in the prior year, the firm posted ($0.14) EPS. The firm’s quarterly revenue was down 18.4% compared to the same quarter last year. On average, equities analysts predict that AbCellera Biologics Inc. will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Baker BROS. Advisors LP boosted its stake in AbCellera Biologics by 20.1% in the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after acquiring an additional 4,615,887 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in AbCellera Biologics by 143.1% in the third quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock valued at $1,649,000 after acquiring an additional 211,000 shares during the last quarter. GSA Capital Partners LLP boosted its stake in AbCellera Biologics by 1,268.1% in the third quarter. GSA Capital Partners LLP now owns 146,190 shares of the company’s stock valued at $672,000 after acquiring an additional 135,504 shares during the last quarter. Graham Capital Management L.P. boosted its stake in AbCellera Biologics by 149.4% in the third quarter. Graham Capital Management L.P. now owns 180,389 shares of the company’s stock valued at $830,000 after acquiring an additional 108,060 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of AbCellera Biologics during the 1st quarter valued at approximately $454,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.