AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6% - What's Next?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares were down 6% on Monday . The company traded as low as $2.79 and last traded at $2.81. Approximately 2,399,331 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 1,784,354 shares. The stock had previously closed at $2.99.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ABCL shares. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Stifel Nicolaus restated a "buy" rating and set a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Price Performance

The stock has a market cap of $832.93 million, a PE ratio of -4.62 and a beta of 0.41. The business has a 50 day moving average price of $2.85 and a two-hundred day moving average price of $2.79.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.17) earnings per share 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 firm had revenue of $6.51 million for the quarter, compared to analysts' expectations of $8.95 million. During the same period in the previous year, the company earned ($0.10) EPS. On average, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Trading of AbCellera Biologics

Large investors have recently modified their holdings of the business. Citizens Financial Group Inc. RI purchased a new position in AbCellera Biologics during the 2nd quarter valued at $923,000. Walleye Capital LLC purchased a new position in shares of AbCellera Biologics during the third quarter valued at about $668,000. Renaissance Technologies LLC raised its stake in AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company's stock worth $5,117,000 after buying an additional 239,000 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in AbCellera Biologics by 991.3% in the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company's stock worth $629,000 after buying an additional 219,703 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ boosted its position 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 valued at $913,000 after acquiring an additional 158,000 shares in the last quarter. 61.42% of the stock is owned by 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.