AbCellera Biologics (NASDAQ:ABCL) Price Target Lowered to $7.00 at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price target decreased by stock analysts at KeyCorp from $8.00 to $7.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 77.22% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of AbCellera Biologics from $21.00 to $17.00 and set a “buy” rating on the stock in a 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 report on Thursday, February 22nd. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.17.

AbCellera Biologics Trading Up 2.9 %

AbCellera Biologics stock opened at $3.95 on Wednesday. AbCellera Biologics has a 1-year low of $3.62 and a 1-year high of $8.05. The firm has a 50-day moving average of $4.38 and a 200-day moving average of $4.78. The firm has a market cap of $1.16 billion, a P/E ratio of -7.38 and a beta of 0.42.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $9.95 million for 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%. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Research analysts forecast that AbCellera Biologics will post -0.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Pacifica Partners Inc. lifted its holdings in AbCellera Biologics by 82.9% during the fourth 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 in the last quarter. NBC Securities Inc. purchased a new position in shares of AbCellera Biologics during the 3rd quarter valued at $30,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of AbCellera Biologics by 96.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 7,423 shares of the company’s stock valued at $34,000 after buying an additional 3,638 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in AbCellera Biologics in the 3rd quarter worth $48,000. Finally, Signaturefd LLC raised its stake in AbCellera Biologics by 306.3% during the 4th quarter. Signaturefd LLC now owns 10,596 shares of the company’s stock valued at $61,000 after purchasing an additional 7,988 shares during the period. 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.