AbCellera Biologics Inc. (NASDAQ:ABCL – Get Free Report) shares gapped down before the market opened on Friday after The Goldman Sachs Group lowered their price target on the stock from $27.00 to $24.00. The stock had previously closed at $6.97, but opened at $6.52. The Goldman Sachs Group currently has a buy rating on the stock. AbCellera Biologics shares last traded at $6.27, with a volume of 406,880 shares.
Separately, SVB Securities cut their price objective on shares of AbCellera Biologics from $16.00 to $15.00 in a research report on Friday, May 5th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $24.71.
Insider Activity
In other news, major shareholder Holdings Ltd. Thermopylae acquired 153,000 shares of AbCellera Biologics stock in a transaction on Friday, May 26th. The shares were purchased at an average price of $6.52 per share, with a total value of $997,560.00. Following the acquisition, the insider now owns 56,012,493 shares in the company, valued at $365,201,454.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Andrew Booth acquired 14,500 shares of AbCellera Biologics stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average price of $6.85 per share, with a total value of $99,325.00. Following the purchase, the chief financial officer now directly owns 153,000 shares of the company’s stock, valued at $1,048,050. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Holdings Ltd. Thermopylae bought 153,000 shares of AbCellera Biologics stock in a transaction on Friday, May 26th. The shares were acquired at an average price of $6.52 per share, for a total transaction of $997,560.00. Following the completion of the acquisition, the insider now owns 56,012,493 shares of the company’s stock, valued at approximately $365,201,454.36. The disclosure for this purchase can be found here. 32.45% of the stock is owned by insiders.
Hedge Funds Weigh In On AbCellera Biologics
Large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in AbCellera Biologics by 33.0% in the 2nd quarter. Baillie Gifford & Co. now owns 26,364,751 shares of the company’s stock valued at $170,316,000 after acquiring an additional 6,535,100 shares in the last quarter. State Street Corp grew its position in AbCellera Biologics by 1,087.3% in the second quarter. State Street Corp now owns 3,194,309 shares of the company’s stock valued at $34,019,000 after purchasing an additional 2,925,279 shares in the last quarter. Lazard Asset Management LLC increased its stake in AbCellera Biologics by 997.1% in the 1st quarter. Lazard Asset Management LLC now owns 3,189,837 shares of the company’s stock valued at $31,100,000 after buying an additional 2,899,091 shares during the last quarter. Renaissance Technologies LLC lifted its position in AbCellera Biologics by 385.5% during the 1st quarter. Renaissance Technologies LLC now owns 2,617,603 shares of the company’s stock worth $25,522,000 after buying an additional 2,078,400 shares in the last quarter. Finally, Northern Trust Corp bought a new stake in AbCellera Biologics during the second quarter worth about $15,117,000. Institutional investors own 49.22% of the company’s stock.
AbCellera Biologics Price Performance
The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -34.55 and a beta of -0.07. The firm has a 50-day moving average of $7.15 and a 200 day moving average of $7.74.
AbCellera Biologics (NASDAQ:ABCL – Get Free Report) last issued its earnings results on Thursday, August 3rd. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. AbCellera Biologics had a negative net margin of 27.71% and a negative return on equity of 4.09%. The business had revenue of $10.10 million for the quarter, compared to the consensus estimate of $12.38 million. During the same period in the previous year, the company earned ($0.02) earnings per share. The firm’s revenue for the quarter was down 78.0% on a year-over-year basis. On average, equities analysts forecast that AbCellera Biologics Inc. will post -0.56 earnings per share for the current year.
AbCellera Biologics Company Profile
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 had discovery programs that are either completed, in progress, or under contract with partners. It has a research collaboration and license agreement with Eli Lilly and Company; and a research collaboration with Confo Therapeutics for the discovery of therapeutic antibody candidates targeting two undisclosed GPCR targets.