AbCellera Biologics (NASDAQ:ABCL) Price Target Cut to $4.00 by Analysts at KeyCorp

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) had its target price reduced by analysts at KeyCorp from $5.00 to $4.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price target would indicate a potential upside of 32.01% from the company's previous close.

ABCL has been the subject of several other reports. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reiterated a "buy" rating and issued a $12.00 price objective (down previously from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.6 %

NASDAQ:ABCL traded down $0.25 during trading hours on Wednesday, hitting $3.03. 3,603,726 shares of the company were exchanged, compared to its average volume of 3,486,045. The company has a fifty day simple moving average of $2.89 and a 200 day simple moving average of $2.79. AbCellera Biologics has a one year low of $2.34 and a one year high of $5.93. The stock has a market capitalization of $894.96 million, a price-to-earnings ratio of -4.97 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.03). AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The company had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. During the same quarter in the previous year, the company earned ($0.10) earnings per share. Equities research analysts predict that AbCellera Biologics will post -0.59 earnings per share for the current fiscal year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake 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 valued at $925,000 after buying an additional 21,483 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in AbCellera Biologics by 58.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company's stock valued at $88,000 after acquiring an additional 12,500 shares in the last quarter. State Street Corp boosted its stake in 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 purchasing an additional 4,679 shares during the last quarter. Quadrature Capital Ltd increased its holdings in AbCellera Biologics by 328.0% during the 3rd quarter. Quadrature Capital Ltd now owns 59,617 shares of the company's stock worth $154,000 after purchasing an additional 45,688 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in shares of AbCellera Biologics in the third quarter worth approximately $162,000. Institutional investors and hedge funds own 61.42% of the company's stock.

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.