AbCellera Biologics (NASDAQ:ABCL) Shares Down 6.7% - Here's Why

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) were down 6.7% during mid-day trading on Tuesday . The stock traded as low as $2.80 and last traded at $2.80. Approximately 3,462,943 shares changed hands during trading, a decline of 1% from the average daily volume of 3,498,197 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ABCL shares. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. KeyCorp dropped their target price on shares of AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Finally, Stifel Nicolaus restated a "buy" rating and set a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.7 %

The firm's fifty day moving average price is $2.90 and its 200 day moving average price is $2.80. The firm has a market capitalization of $818.16 million, a PE ratio of -4.54 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $6.51 million for the quarter, compared to the consensus estimate of $8.95 million. During the same period in the previous year, the business posted ($0.10) EPS. As a group, research analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI acquired a new stake in AbCellera Biologics during the second quarter worth $923,000. Renaissance Technologies LLC lifted its holdings in shares of AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company's stock worth $5,117,000 after acquiring an additional 239,000 shares during the period. XTX Topco Ltd acquired a new stake in shares of AbCellera Biologics during the 2nd quarter valued at about $99,000. Skandinaviska Enskilda Banken AB publ increased its stake in AbCellera Biologics by 104.9% in the second 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 during the period. Finally, Evergreen Capital Management LLC acquired a new position in AbCellera Biologics in the second quarter worth about $32,000. 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.