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

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share 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.

Analyst Ratings Changes

Several analysts recently weighed in on ABCL shares. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Stifel Nicolaus reaffirmed a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The stock’s 50-day moving average price is $2.72 and its 200-day moving average price is $2.91.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share (EPS) 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 return on equity of 15.73% and a negative net margin of 533.32%. During the same period last year, the company earned ($0.10) EPS. On average, research analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC raised its holdings in shares of AbCellera Biologics by 16.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after acquiring an additional 239,000 shares during the last quarter. GSA Capital Partners LLP raised its holdings in shares of AbCellera Biologics by 991.3% in the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after acquiring an additional 219,703 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in shares of AbCellera Biologics in the 2nd quarter worth about $923,000. Headlands Technologies LLC acquired a new stake in shares of AbCellera Biologics in the 2nd quarter worth about $146,000. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in shares of AbCellera Biologics by 104.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after acquiring an additional 158,000 shares during the last quarter. Institutional investors and hedge funds 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.