AbCellera Biologics Inc. (ABCL) shares lost 2.13% in after-hours on Tuesday, June 22, 2021, and closed the day at $21.60 per share. Earlier, ABCL’s stock lost 2.86% in Tuesday’s normal session and declined to $22.07 per share. ABCL shares have moved down 6.20% in the past week. Over the past three months, the stock has lost 24.50%, while over the past six months, it has declined 55.16%. The company has a current market of $5.88 billion and its outstanding shares stood at 269.70 million.
Expanding and strengthening future Pandemic Preparedness
On June 22, 2021AbCellera secured a site in Vancouver for the construction of a Good Manufacturing Practices (GMP) manufacturing facility for the production of therapeutic antibodies, which will be the first of its kind in Canada.
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The new facility will expand AbCellera’s capabilities in bringing new antibody therapies to clinical trials, supporting Canada’s efforts to respond quickly and effectively to future pandemics and providing AbCellera’s partners with a full solution for accelerating their programs from a drug target to the submission of an Investigational New Drug (IND) application.
Secondary private sale of common shares
On June 11, 2021, certain entities owned and/or controlled, directly or indirectly, by Carl Hansen, Ph.D., Co-founder, Chief Executive Officer, and President of AbCellera, and other senior have entered into separate share purchase agreements with experienced institutional investors according to which the Buyers purchased an aggregate 11,900,000 common shares.
Recent financial results
On May 13, 2021, AbCellera reported its financial results for the first quarter of 2021, which ended on March 31, 2021.
Q1 2021 financial highlights
- AbCellera reported total revenue of $202.7 million in Q1 2021 compared to $4.7 million in Q1 2020.
- In Q1 2021, net earnings were $117.2 million, or $0.43 per basic share and $0.37 per diluted share, compared to a net loss of $2.1 million, or $0.01 per share on both a basic and diluted basis in Q1 2020.
- Total operating expenses were $44.7 million for Q1 2021 compared to $6.8 million in the first quarter of 2020.
- As of March 31, 2021, the company had cash and cash equivalents of $685.8 million compared to $594.12 million in Q1 2020.
AbCellera Partnership with Angios
On May 6, 2021, AbCellera and Angios GmbH (Angios) entered into a multi-year, multi-target collaboration to facilitate the discovery of monoclonal and bispecific antibodies for vascular diseases of the eye.
AbCellera will use its full-stack, AI-powered antibody discovery platform to generate panels of antibodies for up to three Angios-selected targets to address diabetic retinopathy.
Well as of this writing, we have no such negative development which could justify its loss on Tuesday. We had positive news from yesterday but the ABCL stock price declined on Tuesday which does not make any sense. We can expect it to bounce back strongly in the coming days.