AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $3.03, but opened at $2.93. AbCellera Biologics shares last traded at $2.91, with a volume of 131,850 shares trading hands.

Analyst Ratings Changes

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

AbCellera Biologics Stock Performance

The stock’s 50-day moving average price is $2.72 and its two-hundred day moving average price is $2.91.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The company had revenue of $6.51 million for the quarter, compared to the consensus estimate of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same period in the prior year, the company earned ($0.10) earnings per share. On average, sell-side analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Arcadia Investment Management Corp MI bought a new position in AbCellera Biologics in the 3rd quarter worth approximately $26,000. NBC Securities Inc. boosted its holdings in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after buying an additional 4,100 shares during the period. Evergreen Capital Management LLC bought a new position in AbCellera Biologics in the 2nd quarter worth approximately $32,000. Ballentine Partners LLC bought a new position in AbCellera Biologics in the 3rd quarter worth approximately $54,000. Finally, Clarkston Capital Partners LLC bought a new position in AbCellera Biologics in the 3rd quarter valued at $57,000. 61.42% 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’s preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.