Truist Financial Has Lowered Expectations for AbCellera Biologics (NASDAQ:ABCL) Stock Price

AbCellera Biologics (NASDAQ:ABCL) had its price objective lowered by analysts at Truist Financial from $28.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 392.61% from the company’s previous close.

A number of other brokerages also recently commented on ABCL. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. KeyCorp increased their price objective on AbCellera Biologics from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus cut their price objective on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, February 28th.

AbCellera Biologics Price Performance

ABCL opened at $2.03 on Friday. The company has a market capitalization of $605.80 million, a price-to-earnings ratio of -3.33 and a beta of 0.46. AbCellera Biologics has a 1-year low of $1.89 and a 1-year high of $4.34. The business has a 50 day moving average price of $2.30 and a two-hundred day moving average price of $2.72.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The firm had revenue of $4.24 million during the quarter, compared to the consensus estimate of $7.12 million. Equities analysts expect that AbCellera Biologics will post -0.59 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently modified their holdings of the business. DKM Wealth Management Inc. purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $29,000. Stratos Wealth Advisors LLC purchased a new stake in shares of AbCellera Biologics in the first quarter valued at $27,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $36,000. Janney Montgomery Scott LLC purchased a new stake in shares of AbCellera Biologics in the first quarter valued at $29,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

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.