AbCellera Biologics (NASDAQ:ABCL) Trading Down 6% – Should You Sell?

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

Analyst Ratings Changes

ABCL has been the topic of several research analyst reports. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The firm has a fifty day simple moving average of $2.85 and a 200 day simple moving average of $2.79. The company has a market capitalization of $835.89 million, a PE ratio of -4.64 and a beta of 0.41.

AbCellera Biologics (NASDAQ:ABCL) last released 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 firm had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. Research analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in AbCellera Biologics by 16.0% during 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 in the last quarter. JPMorgan Chase & Co. raised its stake in shares of AbCellera Biologics by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after acquiring an additional 21,483 shares in the last quarter. State Street Corp lifted its position in AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after acquiring an additional 4,679 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in AbCellera Biologics in the second quarter valued at approximately $923,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of AbCellera Biologics by 104.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after purchasing an additional 158,000 shares in the last quarter. 61.42% of the stock is currently 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.