Federated Hermes Inc. Sells 89,443 Shares of AbCellera Biologics Inc. (NASDAQ:ABCL)

Federated Hermes Inc. cut its stake in shares of AbCellera Biologics Inc. (NASDAQ:ABCL) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,726,016 shares of the company’s stock after selling 89,443 shares during the quarter. Federated Hermes Inc. owned 0.93% of AbCellera Biologics worth $8,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Baker BROS. Advisors LP grew its holdings in shares of AbCellera Biologics by 20.1% during the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after purchasing an additional 4,615,887 shares during the last quarter. Intellectus Partners LLC boosted its position in AbCellera Biologics by 0.7% during the 2nd quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock worth $1,615,000 after buying an additional 3,750 shares during the period. Pier 88 Investment Partners LLC boosted its position in AbCellera Biologics by 362.0% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 161,620 shares of the company’s stock worth $478,000 after buying an additional 126,640 shares during the period. Principal Financial Group Inc. boosted its position in AbCellera Biologics by 19.6% during the 4th quarter. Principal Financial Group Inc. now owns 111,188 shares of the company’s stock worth $635,000 after buying an additional 18,217 shares during the period. Finally, TrueMark Investments LLC boosted its position in AbCellera Biologics by 13.5% during the 1st quarter. TrueMark Investments LLC now owns 109,957 shares of the company’s stock worth $498,000 after buying an additional 13,104 shares during the period. 61.42% of the stock is owned by institutional investors.

AbCellera Biologics Stock Performance

Shares of NASDAQ ABCL opened at $2.73 on Wednesday. The company has a market capitalization of $802.77 million, a P/E ratio of -5.25 and a beta of 0.37. AbCellera Biologics Inc. has a 52-week low of $2.34 and a 52-week high of $6.05. The company’s 50 day moving average price is $2.80 and its 200-day moving average price is $3.51.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. AbCellera Biologics had a negative net margin of 463.77% and a negative return on equity of 13.40%. The firm had revenue of $7.30 million for the quarter, compared to the consensus estimate of $10.12 million. During the same quarter in the previous year, the company earned ($0.11) EPS. The company’s revenue for the quarter was down 27.7% on a year-over-year basis. Analysts forecast that AbCellera Biologics Inc. will post -0.55 earnings per share for the current year.

Wall Street Analyst Weigh In

ABCL has been the topic of several recent research reports. Benchmark downgraded shares of AbCellera Biologics from a “buy” rating to a “hold” rating in a research report on Tuesday, August 20th. KeyCorp reiterated an “overweight” rating and set a $5.00 target price (down from $7.00) on shares of AbCellera Biologics in a research report on Thursday, July 11th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.20.

AbCellera Biologics 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’s preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.