AbCellera Biologics (NASDAQ:ABCL) Shares Down 7.9% - Here's Why

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) traded down 7.9% on Wednesday . The company traded as low as $3.00 and last traded at $3.02. 1,269,137 shares traded hands during trading, a decline of 57% from the average session volume of 2,985,526 shares. The stock had previously closed at $3.28.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ABCL. KeyCorp dropped their price target on AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Wednesday. Stifel Nicolaus reissued a "buy" rating and set a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.6 %

The company has a market cap of $894.96 million, a P/E ratio of -4.97 and a beta of 0.40. The company has a 50 day moving average price of $2.89 and a 200-day moving average price of $2.79.

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

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in AbCellera Biologics by 16.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company's stock valued at $5,117,000 after acquiring an additional 239,000 shares during the period. JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 21,483 shares during the period. State Street Corp raised its position in AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company's stock worth $840,000 after purchasing an additional 4,679 shares during the last quarter. Citizens Financial Group Inc. RI bought a new position in AbCellera Biologics during the 2nd quarter worth $923,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in AbCellera Biologics by 104.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company's stock worth $913,000 after buying an additional 158,000 shares during the period. Institutional investors 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.