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

AbCellera Biologics Inc. (NASDAQ:ABCL) saw its stock price decline by 6% during mid-day trading on Monday, dropping to as low as $2.79. The stock was last seen trading at $2.81. In total, 2,399,331 shares were exchanged during the trading session, which is a significant increase of 34% compared to the average trading volume of 1,784,354 shares. Before this drop, AbCellera’s shares closed at $2.99.

Analyst Ratings Changes

Several research analysts have provided insights on AbCellera Biologics recently. On November 5th, Benchmark maintained a "hold" rating on the stock. Meanwhile, Stifel Nicolaus also reaffirmed their "buy" rating but lowered their price target from $14.00 to $12.00.

Stock Performance Metrics

AbCellera Biologics has a fifty-day simple moving average of $2.85 and a 200-day simple moving average of $2.79. The company's market capitalization stands at $835.89 million, with a negative PE ratio of -4.64 and a beta of 0.41.

The latest quarterly earnings report was released on November 4th, showing that AbCellera incurred a loss of ($0.17) per share, which was below the consensus estimate of ($0.14) by a margin of ($0.03). The company reported revenues of $6.51 million for the quarter, which fell short of expectations of $8.95 million. When compared to the same quarter last year, the earnings decreased from ($0.10) per share. Analysts predict that the company will report an EPS of -0.59 for the current fiscal year.

Institutional Investors' Activity

Recent actions by hedge funds and institutional investors indicate a shift in their positions regarding AbCellera. Renaissance Technologies LLC increased its holdings by 16.0% in the second quarter, now owning 1,728,603 shares, valued at about $5,117,000. Additionally, JPMorgan Chase & Co. raised their stake by 6.4% in the third quarter, owning 355,747 shares valued at $925,000 after buying 21,483 more shares. Other firms, like State Street Corp, Citizens Financial Group Inc. RI, and Skandinaviska Enskilda Banken AB, also adjusted their positions, showing that about 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc. specializes in developing an engine for antibody drug discovery and development. This engine identifies antibodies from natural immune responses that are pre-enriched for effectiveness. The company offers preclinical products such as ABCL635, targeting metabolic and endocrine conditions, and ABCL575, focused on treating atopic dermatitis.

Conclusion

With the current stock price decline and mixed signals from investors and analysts, potential investors may wonder whether they should sell their shares in AbCellera Biologics. Given the recent performance and market reactions, it would be prudent to monitor the company's future developments and consider consulting with a financial advisor to make informed decisions.

AbCellera, Stocks, Investing