Pier 88 Investment Partners LLC Buys 33,880 Shares of AbCellera Biologics Inc. (NASDAQ:ABCL)

Pier 88 Investment Partners LLC increased its stake in shares of AbCellera Biologics Inc. (NASDAQ:ABCL) by 21.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,500 shares of the company’s stock after buying an additional 33,880 shares during the quarter. Pier 88 Investment Partners LLC owned 0.07% of AbCellera Biologics worth $508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Baker BROS. Advisors LP raised its holdings in shares of AbCellera Biologics by 20.1% in the first 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. Renaissance Technologies LLC increased its stake in shares of AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after purchasing an additional 239,000 shares during the last quarter. Intellectus Partners LLC raised its holdings in shares of AbCellera Biologics by 0.7% in the 2nd quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock worth $1,615,000 after purchasing an additional 3,750 shares during the period. Citizens Financial Group Inc. RI purchased a new position in AbCellera Biologics in the second quarter valued at approximately $923,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in AbCellera Biologics by 104.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock valued at $913,000 after purchasing an additional 158,000 shares during the period. 61.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ABCL. Stifel Nicolaus restated a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Down 1.4 %

Shares of NASDAQ ABCL opened at $2.92 on Thursday. The stock has a fifty day moving average of $2.66 and a 200-day moving average of $3.01. AbCellera Biologics Inc. has a fifty-two week low of $2.34 and a fifty-two week high of $6.05.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly 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 net margin of 533.32% and a negative return on equity of 15.73%. The firm had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. During the same quarter last year, the firm earned ($0.10) earnings per share. As a group, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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.