AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down on Disappointing Earnings

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $2.89, but opened at $2.50. AbCellera Biologics shares last traded at $2.55, with a volume of 486,597 shares changing hands.

The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative net margin of 463.77% and a negative return on equity of 13.40%. The company had revenue of $6.51 million for the quarter, compared to analyst estimates of $8.95 million. During the same period last year, the business earned ($0.10) EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ABCL. KeyCorp reissued an “overweight” rating and issued a $5.00 price target (down previously from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday. Finally, Stifel Nicolaus restated a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in AbCellera Biologics during the first quarter valued at approximately $454,000. State Board of Administration of Florida Retirement System bought a new position in AbCellera Biologics in the 1st quarter worth $239,000. Nan Fung Group Holdings Ltd lifted its position in AbCellera Biologics by 307.1% during the 1st quarter. Nan Fung Group Holdings Ltd now owns 50,971 shares of the company’s stock worth $231,000 after acquiring an additional 38,450 shares during the last quarter. Baker BROS. Advisors LP boosted its holdings in AbCellera Biologics by 20.1% during the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after acquiring an additional 4,615,887 shares during the period. Finally, Intellectus Partners LLC grew its position in shares of AbCellera Biologics by 0.7% in the second quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock valued at $1,615,000 after purchasing an additional 3,750 shares during the last quarter. 61.42% of the stock is owned by institutional investors.

AbCellera Biologics Price Performance

The firm has a market capitalization of $801.50 million, a P/E ratio of -5.04 and a beta of 0.35. The business has a 50 day moving average price of $2.62 and a 200 day moving average price of $3.06.

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.