Truist Financial Issues Pessimistic Forecast for AbCellera Biologics (NASDAQ:ABCL) Stock Price

AbCellera Biologics (NASDAQ:ABCL) had its price objective lowered by equities researchers at Truist Financial from $28.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 392.61% from the stock’s previous close.

A number of other research firms also recently weighed in on ABCL. KeyCorp upped their price target on shares of AbCellera Biologics from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 16th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. 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 Trading Up 0.5%

NASDAQ ABCL opened at $2.03 on Friday. AbCellera Biologics has a 1-year low of $1.89 and a 1-year high of $4.34. The company has a market capitalization of $605.80 million, a PE ratio of -3.33 and a beta of 0.46. The firm’s fifty day simple moving average is $2.30 and its 200-day simple moving average is $2.72.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The business had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. As a group, analysts predict that AbCellera Biologics will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds have recently bought and sold shares of the business. DKM Wealth Management Inc. acquired a new position in AbCellera Biologics during the fourth quarter worth $29,000. Stratos Wealth Advisors LLC acquired a new position in AbCellera Biologics during the first quarter worth $27,000. State of New Jersey Common Pension Fund D acquired a new position in AbCellera Biologics during the fourth quarter worth $36,000. Janney Montgomery Scott LLC acquired a new position in AbCellera Biologics during the first quarter worth $29,000. Finally, Balyasny Asset Management L.P. bought a new stake in AbCellera Biologics during the fourth quarter valued at about $40,000. 61.42% of the stock is owned by institutional investors and hedge funds.

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.