Truist Financial Cuts AbCellera Biologics (NASDAQ:ABCL) Price Target to $10.00

AbCellera Biologics (NASDAQ:ABCL) had its price objective lowered by Truist Financial from $28.00 to $10.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also commented on ABCL. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. KeyCorp raised their target price on shares of AbCellera Biologics from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus lowered their target price on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, February 28th.

AbCellera Biologics Stock Up 0.5%

Shares of NASDAQ:ABCL opened at $2.03 on Friday. The firm’s 50 day moving average price is $2.30 and its 200 day moving average price is $2.72. The stock has a market cap of $605.80 million, a price-to-earnings ratio of -3.33 and a beta of 0.46. AbCellera Biologics has a fifty-two week low of $1.89 and a fifty-two week high of $4.34.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. The company had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. On average, equities analysts anticipate that AbCellera Biologics will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in AbCellera Biologics by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock valued at $925,000 after buying an additional 21,483 shares during the last quarter. Moloney Securities Asset Management LLC acquired a new position in shares of AbCellera Biologics during the 4th quarter worth $265,000. HighTower Advisors LLC raised its stake in shares of AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company’s stock worth $208,000 after buying an additional 60,600 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in shares of AbCellera Biologics by 10.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company’s stock worth $184,000 after buying an additional 5,955 shares during the last quarter. Finally, Guardian Partners Inc. acquired a new position in shares of AbCellera Biologics during the 4th quarter worth $5,413,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Company 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.