Zacks Investment Research Downgrades AbCellera Biologics (NASDAQ:ABCL) to Hold

Zacks Investment Research cut shares of AbCellera Biologics (NASDAQ:ABCLGet Rating) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “AbCellera Biologics Inc. is a technology company which searches, decodes and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera Biologics Inc. is based in Vancouver, Canada. “

A number of other analysts have also recently issued reports on ABCL. BMO Capital Markets reissued a buy rating and set a $40.00 target price on shares of AbCellera Biologics in a research note on Wednesday. Credit Suisse Group upped their price target on AbCellera Biologics from $39.00 to $40.00 and gave the stock an outperform rating in a report on Friday, February 25th. SVB Leerink dropped their price objective on AbCellera Biologics from $25.00 to $20.00 and set an outperform rating on the stock in a report on Friday, February 25th. Finally, Piper Sandler reduced their price target on AbCellera Biologics from $28.00 to $21.00 in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Buy and an average target price of $26.08.

Shares of ABCL stock opened at $5.72 on Wednesday. The stock has a market cap of $1.63 billion, a P/E ratio of 12.17 and a beta of -0.27. The business has a fifty day simple moving average of $8.57 and a 200-day simple moving average of $11.15. AbCellera Biologics has a fifty-two week low of $5.70 and a fifty-two week high of $36.05.

AbCellera Biologics (NASDAQ:ABCLGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.16. The firm had revenue of $316.58 million during the quarter, compared to the consensus estimate of $208.96 million. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 earnings per share. Analysts forecast that AbCellera Biologics will post 0.46 EPS for the current year.

In related news, Director John S. Montalbano acquired 10,000 shares of the company’s stock in a transaction on Friday, March 4th. The shares were purchased at an average price of $8.54 per share, for a total transaction of $85,400.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John S. Montalbano acquired 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 1st. The shares were purchased at an average cost of $9.05 per share, with a total value of $181,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 260,789 shares of company stock worth $2,265,033. Insiders own 45.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Botty Investors LLC acquired a new position in shares of AbCellera Biologics in the third quarter valued at approximately $9,244,000. BlackRock Inc. increased its position in shares of AbCellera Biologics by 8.8% during the 3rd quarter. BlackRock Inc. now owns 976,587 shares of the company’s stock valued at $19,571,000 after purchasing an additional 79,400 shares during the last quarter. Morgan Stanley boosted its stake in AbCellera Biologics by 28.2% in the 3rd quarter. Morgan Stanley now owns 736,019 shares of the company’s stock worth $14,750,000 after purchasing an additional 161,826 shares during the period. Intellectus Partners LLC boosted its position in shares of AbCellera Biologics by 1.4% during the 3rd quarter. Intellectus Partners LLC now owns 1,223,429 shares of the company’s stock valued at $24,518,000 after acquiring an additional 16,450 shares during the last quarter. Finally, PEAK6 Investments LLC bought a new stake in AbCellera Biologics in the 3rd quarter worth approximately $246,000. Institutional investors own 39.58% of the company’s stock.

AbCellera Biologics Company Profile (Get Rating)

AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.

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