AbCellera Biologics (NASDAQ:ABCL) Price Target Cut to $7.00 by Analysts at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price objective decreased by KeyCorp from $8.00 to $7.00 in a research report sent to investors on Wednesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Several other equities analysts also recently weighed in on the company. Stifel Nicolaus lowered their target price on AbCellera Biologics from $21.00 to $17.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Benchmark upgraded AbCellera Biologics from a hold rating to a buy rating and set a $9.00 price objective for the company in a research note on Thursday, February 22nd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AbCellera Biologics has a consensus rating of Buy and an average target price of $16.17.

AbCellera Biologics Stock Down 5.0 %

Shares of NASDAQ:ABCL opened at $3.84 on Wednesday. The stock has a market capitalization of $1.13 billion, a PE ratio of -7.38 and a beta of 0.42. The firm’s 50 day moving average price is $4.38 and its 200-day moving average price is $4.78. AbCellera Biologics has a twelve month low of $3.62 and a twelve month high of $8.05.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $9.95 million during the quarter, compared to analysts’ expectations of $10.73 million. AbCellera Biologics had a negative net margin of 384.99% and a negative return on equity of 12.36%. During the same period in the prior year, the company earned ($0.14) earnings per share. The firm’s revenue was down 18.4% on a year-over-year basis. Analysts expect that AbCellera Biologics will post -0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Large investors have recently made changes to their positions in the business. Pacifica Partners Inc. raised its stake in AbCellera Biologics by 82.9% during the 4th quarter. Pacifica Partners Inc. now owns 4,820 shares of the company’s stock valued at $28,000 after purchasing an additional 2,185 shares during the period. Pathstone Family Office LLC raised its position in shares of AbCellera Biologics by 16.5% during the third quarter. Pathstone Family Office LLC now owns 17,390 shares of the company’s stock valued at $80,000 after buying an additional 2,466 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of AbCellera Biologics by 3.7% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 83,867 shares of the company’s stock worth $386,000 after buying an additional 3,000 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of AbCellera Biologics by 96.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 7,423 shares of the company’s stock worth $34,000 after acquiring an additional 3,638 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of AbCellera Biologics by 13.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,855 shares of the company’s stock worth $221,000 after acquiring an additional 4,641 shares during the last quarter. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

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.