AbCellera Biologics Inc. $ABCL Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its holdings in AbCellera Biologics Inc. (NASDAQ:ABCL) by 69.8% during the first quarter, Holdings Channel reports. The institutional investor owned 21,486 shares of the company’s stock after selling 49,600 shares during the period. HighTower Advisors LLC’s holdings in AbCellera Biologics were worth $48,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Two Sigma Investments LP boosted its stake in AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after buying an additional 723,676 shares during the last quarter. Two Sigma Advisers LP boosted its stake in AbCellera Biologics by 19.8% in the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after buying an additional 430,800 shares during the last quarter. Tang Capital Management LLC boosted its stake in AbCellera Biologics by 12.3% in the 4th quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock worth $7,568,000 after buying an additional 282,816 shares during the last quarter. Millennium Management LLC boosted its stake in AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after buying an additional 728,828 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in AbCellera Biologics by 3.4% in the 1st quarter. Federated Hermes Inc. now owns 947,751 shares of the company’s stock worth $2,113,000 after buying an additional 31,514 shares during the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Stifel Nicolaus decreased their price target on AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Truist Financial reduced their price objective on AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. KeyCorp lifted their price objective on AbCellera Biologics from $5.00 to $10.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Leerink Partners assumed coverage on AbCellera Biologics in a research note on Monday, July 7th. They issued an “outperform” rating and a $5.00 price objective on the stock. Finally, Leerink Partnrs raised AbCellera Biologics to a “strong-buy” rating in a research note on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, AbCellera Biologics presently has an average rating of “Buy” and an average target price of $8.00.

AbCellera Biologics Stock Performance

Shares of NASDAQ:ABCL opened at $4.22 on Friday. The company has a market cap of $1.26 billion, a P/E ratio of -7.67 and a beta of 0.64. AbCellera Biologics Inc. has a one year low of $1.89 and a one year high of $5.82. The business’s 50-day simple moving average is $4.30 and its 200 day simple moving average is $3.12.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business had revenue of $17.08 million for the quarter, compared to the consensus estimate of $7.55 million. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%. Analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

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.