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

AbCellera Biologics (NASDAQ:ABCL) had its target price decreased by stock analysts at KeyCorp from $5.00 to $4.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective suggests a potential upside of 32.01% from the company’s current price.

Several other equities analysts have also commented on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.6 %

Shares of ABCL stock opened at $3.03 on Wednesday. The stock has a market cap of $894.96 million, a P/E ratio of -4.97 and a beta of 0.40. AbCellera Biologics has a 1 year low of $2.34 and a 1 year high of $5.93. The stock has a 50 day simple moving average of $2.90 and a 200 day simple moving average of $2.80.

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). AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The company had revenue of $6.51 million for the quarter, compared to the consensus estimate of $8.95 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Analysts forecast that AbCellera Biologics will post -0.59 EPS for the current year.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors have recently modified their holdings of the company. Arcadia Investment Management Corp MI acquired a new position in AbCellera Biologics in the third quarter valued at $26,000. NBC Securities Inc. raised its position in shares of 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 acquiring an additional 4,100 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in shares of AbCellera Biologics during the 2nd quarter valued at about $32,000. Ballentine Partners LLC acquired a new stake in AbCellera Biologics during the third quarter worth approximately $54,000. Finally, Clarkston Capital Partners LLC bought a new stake in AbCellera Biologics in the third quarter worth approximately $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.