AbCellera Biologics (NASDAQ:ABCL) Given New $12.00 Price Target at Benchmark

AbCellera Biologics (NASDAQ:ABCL) had its target price lowered by Benchmark from $20.00 to $12.00 in a report released on Thursday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

ABCL has been the topic of a number of other research reports. SVB Securities reduced their price objective on AbCellera Biologics from $16.00 to $15.00 in a research note on Friday, May 5th. The Goldman Sachs Group cut their price target on AbCellera Biologics from $27.00 to $24.00 and set a buy rating for the company in a report on Friday, August 4th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $23.13.

AbCellera Biologics Stock Performance

ABCL opened at $5.45 on Thursday. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -20.19 and a beta of -0.07. The firm’s 50-day simple moving average is $6.55 and its 200-day simple moving average is $7.07. AbCellera Biologics has a twelve month low of $5.37 and a twelve month high of $14.97.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. AbCellera Biologics had a negative net margin of 50.91% and a negative return on equity of 6.05%. The firm had revenue of $10.10 million for the quarter, compared to analysts’ expectations of $12.38 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The company’s quarterly revenue was down 78.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbCellera Biologics will post -0.55 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in shares of AbCellera Biologics by 33.0% during the 2nd quarter. Baillie Gifford & Co. now owns 26,364,751 shares of the company’s stock valued at $170,316,000 after acquiring an additional 6,535,100 shares during the last quarter. BlackRock Inc. boosted its holdings in AbCellera Biologics by 6.3% during the third quarter. BlackRock Inc. now owns 12,569,140 shares of the company’s stock worth $124,310,000 after buying an additional 743,808 shares during the last quarter. Voya Investment Management LLC grew its position in shares of AbCellera Biologics by 2.2% during the 4th quarter. Voya Investment Management LLC now owns 11,014,862 shares of the company’s stock worth $111,581,000 after buying an additional 237,265 shares during the period. Credit Suisse AG increased its stake in shares of AbCellera Biologics by 12.4% in the 1st quarter. Credit Suisse AG now owns 4,608,160 shares of the company’s stock valued at $34,746,000 after acquiring an additional 507,665 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC acquired a new stake in shares of AbCellera Biologics in the 2nd quarter valued at approximately $26,519,000. 47.39% 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.