AbCellera Biologics (NASDAQ:ABCL) Hits New 12-Month Low at $2.39

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.39 and last traded at $2.40, with a volume of 342326 shares trading hands. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. KeyCorp reissued an “overweight” rating and set a $5.00 target price (down previously from $7.00) on shares of AbCellera Biologics in a report on Thursday, July 11th. Benchmark downgraded AbCellera Biologics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.20.

AbCellera Biologics Stock Down 2.1 %

The firm has a market capitalization of $699.85 million, a price-to-earnings ratio of -4.67 and a beta of 0.37. The firm’s 50 day moving average is $2.83 and its 200 day moving average is $3.67.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $7.30 million during the quarter, compared to the consensus estimate of $10.12 million. AbCellera Biologics had a negative return on equity of 13.40% and a negative net margin of 463.77%. The company’s quarterly revenue was down 27.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) EPS. On average, sell-side analysts predict that AbCellera Biologics Inc. will post -0.55 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

A number of hedge funds have recently bought and sold shares of ABCL. Principal Financial Group Inc. increased its position in shares of AbCellera Biologics by 19.6% in the fourth quarter. Principal Financial Group Inc. now owns 111,188 shares of the company’s stock worth $635,000 after acquiring an additional 18,217 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in AbCellera Biologics by 13.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,855 shares of the company’s stock worth $221,000 after purchasing an additional 4,641 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in AbCellera Biologics during the 4th quarter worth approximately $81,000. B. Riley Wealth Advisors Inc. raised its stake in AbCellera Biologics by 85.7% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 19,500 shares of the company’s stock valued at $111,000 after purchasing an additional 9,000 shares during the period. Finally, Pacifica Partners Inc. lifted its holdings in shares of AbCellera Biologics by 78.8% in the first quarter. Pacifica Partners Inc. now owns 8,619 shares of the company’s stock valued at $39,000 after purchasing an additional 3,799 shares in the last quarter. 61.42% of the stock is owned by hedge funds and other institutional investors.

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.