AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down on Disappointing Earnings

AbCellera Biologics Inc. (NASDAQ:ABCL) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $2.89, but opened at $2.50. AbCellera Biologics shares last traded at $2.55, with a volume of 486,597 shares trading hands.

The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The company had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. AbCellera Biologics had a negative return on equity of 13.40% and a negative net margin of 463.77%. During the same period in the prior year, the firm posted ($0.10) EPS.

Analysts Set New Price Targets

A number of analysts have commented on ABCL shares. KeyCorp reaffirmed an “overweight” rating and set a $5.00 price target (down previously from $7.00) on shares of AbCellera Biologics in a research report on Thursday, July 11th. Stifel Nicolaus reissued a “buy” rating and set a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday. Finally, Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a report on Tuesday.

Institutional Trading of AbCellera Biologics

A number of hedge funds have recently modified their holdings of ABCL. Mirae Asset Global Investments Co. Ltd. acquired a new position in AbCellera Biologics in the first quarter valued at approximately $454,000. State Board of Administration of Florida Retirement System acquired a new position in shares of AbCellera Biologics in the 1st quarter valued at $239,000. Nan Fung Group Holdings Ltd lifted its stake in shares of AbCellera Biologics by 307.1% in the 1st quarter. Nan Fung Group Holdings Ltd now owns 50,971 shares of the company’s stock valued at $231,000 after purchasing an additional 38,450 shares during the period. Baker BROS. Advisors LP boosted its holdings in AbCellera Biologics by 20.1% during the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after buying an additional 4,615,887 shares in the last quarter. Finally, Intellectus Partners LLC grew its position in AbCellera Biologics by 0.7% during the second quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock valued at $1,615,000 after buying an additional 3,750 shares during the period. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Price Performance

The business’s fifty day simple moving average is $2.63 and its two-hundred day simple moving average is $3.05. The company has a market cap of $813.28 million, a PE ratio of -4.52 and a beta of 0.35.

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.