Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $2.89, but opened at $2.50. AbCellera Biologics shares last traded at $2.55, with a volume of 486,597 shares changing hands.
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 463.77% and a negative return on equity of 13.40%. The company had revenue of $6.51 million for the quarter, compared to analysts' expectations of $8.95 million. During the same period in the prior year, the company earned ($0.10) earnings per share.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on ABCL shares. Stifel Nicolaus reissued a "buy" rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday. Benchmark restated a "hold" rating on shares of AbCellera Biologics in a research report on Tuesday. Finally, KeyCorp reissued an "overweight" rating and set a $5.00 target price (down from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th.
Read Our Latest Stock Report on AbCellera Biologics
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of AbCellera Biologics during the 1st quarter worth approximately $454,000. Renaissance Technologies LLC grew its holdings in AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company's stock valued at $5,117,000 after purchasing an additional 239,000 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of AbCellera Biologics in the second quarter valued at $923,000. State Board of Administration of Florida Retirement System acquired a new position in shares of AbCellera Biologics during the 1st quarter worth $239,000. Finally, Headlands Technologies LLC purchased a new stake in shares of AbCellera Biologics in the 2nd quarter worth about $146,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.
AbCellera Biologics Stock Performance
The stock has a market capitalization of $801.50 million, a PE ratio of -5.04 and a beta of 0.35. The company's fifty day simple moving average is $2.62 and its two-hundred day simple moving average is $3.06.
About AbCellera Biologics
(
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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.
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