AbCellera Biologics (NASDAQ:ABCL) Shares Down 3.7%

AbCellera Biologics Inc. (NASDAQ:ABCL) shares fell 3.7% on Tuesday . The company traded as low as $4.40 and last traded at $4.41. 577,359 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 1,439,832 shares. The stock had previously closed at $4.58.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ABCL shares. Stifel Nicolaus reduced their price objective on shares of AbCellera Biologics from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Benchmark raised shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Thursday, February 22nd. Finally, KeyCorp initiated coverage on shares of AbCellera Biologics in a research report on Tuesday, December 5th. They issued an “overweight” rating and a $6.00 target price for the company. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, AbCellera Biologics currently has an average rating of “Buy” and a consensus price target of $15.86.

AbCellera Biologics Stock Performance

The firm has a 50 day moving average of $5.01 and a 200-day moving average of $4.90.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Tuesday, February 20th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The company had revenue of $9.18 million for the quarter, compared to the consensus estimate of $9.58 million. AbCellera Biologics had a negative return on equity of 12.36% and a negative net margin of 384.99%. On average, equities analysts forecast that AbCellera Biologics Inc. will post -0.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Worth Asset Management LLC purchased a new stake in shares of AbCellera Biologics during the 1st quarter worth approximately $25,000. Point72 Asset Management L.P. bought a new position in AbCellera Biologics during the second quarter valued at $26,000. National Bank of Canada FI grew its stake in shares of AbCellera Biologics by 392.7% in the 3rd quarter. National Bank of Canada FI now owns 6,085 shares of the company’s stock worth $27,000 after buying an additional 4,850 shares in the last quarter. Pacifica Partners Inc. increased its holdings in shares of AbCellera Biologics by 82.9% in the 4th quarter. Pacifica Partners Inc. now owns 4,820 shares of the company’s stock worth $28,000 after buying an additional 2,185 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in shares of AbCellera Biologics during the 3rd quarter valued at about $30,000. 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 had discovery programs that are either completed, in progress, or under contract with partners. It has a research collaboration and license agreement with Eli Lilly and Company; and a research collaboration with Confo Therapeutics for the discovery of therapeutic antibody candidates targeting two undisclosed GPCR targets.