AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 6% - Should You Sell?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) dropped by 6% during mid-day trading on Monday. The stock was noted to have briefly fallen to $2.79 before closing at $2.81, with a considerable trading volume of 2,399,331 shares. This reflects a 34% increase compared to the average volume of 1,784,354 shares traded in a typical session. Previously, the stock had closed at $2.99.

Analyst Ratings Changes

AbCellera Biologics has been the subject of various analyses from research firms. Notably, Benchmark maintained a "hold" rating for the company's shares in a research report released on November 5th. On the same date, Stifel Nicolaus reaffirmed their "buy" rating but revised their price target for the stock to $12.00, down from a previous target of $14.00.

AbCellera Biologics Stock Performance

Currently, AbCellera Biologics has a fifty-day simple moving average of $2.85 and a two-hundred-day simple moving average of $2.79. The company boasts a market capitalization of approximately $835.89 million. Its price-to-earnings ratio is listed at -4.64, indicating losses relative to earnings, and the stock carries a beta of 0.41, suggesting it is less volatile than the market.

On November 4th, the company unveiled its latest quarterly earnings report, revealing a loss of ($0.17) earnings per share. This figure was short of analysts’ expectations, which anticipated a loss of ($0.14) per share. Additionally, AbCellera reported a substantial net margin loss of 533.32% and a negative return on equity of 15.73%. The revenue reported for the quarter was $6.51 million, significantly lower than the consensus estimate of $8.95 million. In the same quarter of the prior year, the company reported a loss of ($0.10) per share. Analysts predict that AbCellera Biologics will see a loss of -$0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Recent activity among hedge funds and institutional investors has impacted the company’s stock holdings. For instance, Renaissance Technologies LLC increased its shareholdings in AbCellera Biologics by 16% during the second quarter, acquiring an additional 239,000 shares, bringing its total to 1,728,603 shares valued at around $5.12 million. Meanwhile, JPMorgan Chase & Co. boosted its stake by 6.4% in the third quarter, owning 355,747 shares now valued at approximately $925,000 after buying 21,483 additional shares. State Street Corp also raised its shareholdings by 1.5%. Recent reports indicate that 61.42% of AbCellera's stock is held by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc. specializes in developing an innovative platform for antibody drug discovery and development, focusing on identifying antibodies from natural immune responses that are pre-enriched. Their preclinical products include ABCL635 for metabolic and endocrine conditions and ABCL575 for atopic dermatitis.

Should You Consider Investing?

Before making any investment decisions regarding AbCellera Biologics, it may be worth noting that top analysts currently have a "Moderate Buy" rating on the stock. Nevertheless, analysts suggest that there are five stocks that may represent better investment opportunities at this time. Stay informed with the latest analysis and make thoughtful investment choices.

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