AbCellera Biologics (NASDAQ:ABCL) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

AbCellera Biologics (NASDAQ:ABCL) announced its quarterly earnings results on Wednesday. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.04), FiscalAI reports. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. The firm had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million.

AbCellera Biologics Stock Performance

Shares of ABCL traded down $0.17 during mid-day trading on Wednesday, hitting $5.92. 4,429,288 shares of the company’s stock were exchanged, compared to its average volume of 5,700,607. The stock’s 50-day moving average is $6.18 and its 200-day moving average is $4.64. AbCellera Biologics has a fifty-two week low of $2.74 and a fifty-two week high of $8.44. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -12.33 and a beta of 1.20.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of AbCellera Biologics during the fourth quarter worth $26,938,000. Goldman Sachs Group Inc. grew its stake in AbCellera Biologics by 1,636.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,344,485 shares of the company’s stock worth $14,858,000 after purchasing an additional 4,094,268 shares in the last quarter. Bank of America Corp DE increased its holdings in AbCellera Biologics by 977.8% during the 3rd quarter. Bank of America Corp DE now owns 2,418,304 shares of the company’s stock worth $12,164,000 after purchasing an additional 2,193,939 shares during the period. Tudor Investment Corp ET AL increased its holdings in AbCellera Biologics by 146.0% during the 4th quarter. Tudor Investment Corp ET AL now owns 1,796,010 shares of the company’s stock worth $6,142,000 after purchasing an additional 1,065,888 shares during the period. Finally, Two Sigma Investments LP raised its position in AbCellera Biologics by 25.9% in the 3rd quarter. Two Sigma Investments LP now owns 5,175,142 shares of the company’s stock valued at $26,031,000 after purchasing an additional 1,064,290 shares in the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

Analyst Upgrades and Downgrades

ABCL has been the subject of a number of recent analyst reports. Benchmark upgraded shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Tuesday, July 7th. Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Friday, July 17th. JonesTrading initiated coverage on shares of AbCellera Biologics in a report on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of AbCellera Biologics in a research report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

About AbCellera Biologics

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.