KeyCorp Has Lowered Expectations for AbCellera Biologics (NASDAQ:ABCL) Stock Price

AbCellera Biologics (NASDAQ:ABCL) had its target price lowered by KeyCorp from $5.00 to $4.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and set a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Performance

Shares of ABCL opened at $2.92 on Wednesday. The company has a market capitalization of $862.47 million, a P/E ratio of -4.79 and a beta of 0.40. AbCellera Biologics has a one year low of $2.34 and a one year high of $5.69. The stock has a 50-day moving average price of $2.90 and a 200 day moving average price of $2.80.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $8.95 million. During the same period in the prior year, the business earned ($0.10) EPS. As a group, equities research analysts forecast that AbCellera Biologics will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of AbCellera Biologics by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after buying an additional 21,483 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in shares of AbCellera Biologics by 58.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock worth $88,000 after purchasing an additional 12,500 shares during the period. State Street Corp grew its position in AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after buying an additional 4,679 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in AbCellera Biologics by 328.0% during the third quarter. Quadrature Capital Ltd now owns 59,617 shares of the company’s stock valued at $154,000 after purchasing an additional 45,688 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in AbCellera Biologics during the third quarter valued at approximately $162,000. 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.