KeyCorp Issues Pessimistic Forecast for AbCellera Biologics (NASDAQ:ABCL) Stock Price

AbCellera Biologics (NASDAQ:ABCL) had its price target lowered by KeyCorp from $5.00 to $4.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 32.01% from the stock’s previous close.

Several other research analysts have also recently commented on ABCL. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Stifel Nicolaus restated a “buy” rating and set a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Down 7.6 %

Shares of NASDAQ ABCL opened at $3.03 on Wednesday. The company has a fifty day moving average price of $2.90 and a 200 day moving average price of $2.80. The firm has a market cap of $894.96 million, a PE 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.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The firm had revenue of $6.51 million for the quarter, compared to analyst estimates of $8.95 million. During the same period in the prior year, the company earned ($0.10) earnings per share. Equities research analysts forecast that AbCellera Biologics will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arcadia Investment Management Corp MI bought a new position in shares of AbCellera Biologics in the 3rd quarter valued at about $26,000. Evergreen Capital Management LLC bought a new position in AbCellera Biologics during the second quarter worth about $32,000. NBC Securities Inc. increased its position in AbCellera Biologics by 56.0% during the third 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 last quarter. Ballentine Partners LLC bought a new stake in AbCellera Biologics in the third quarter valued at approximately $54,000. Finally, B. Riley Wealth Advisors Inc. raised its stake in AbCellera Biologics by 104.8% in the second quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock valued at $64,000 after buying an additional 11,000 shares during the period. 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.