Shares of AbCellera Biologics (ABCL) tumbled 9.05% in pre-market trading on Friday following the release of its third-quarter financial results. The biotechnology company reported a larger-than-anticipated loss, disappointing investors despite beating revenue expectations.

AbCellera announced a quarterly adjusted loss of 19 cents per share for the period ended September 30, falling short of the average analyst estimate of a 17-cent loss. This performance was also worse than the 17-cent loss reported in the same quarter last year. The company's bottom line has now missed expectations in two of the last four quarters.

On a more positive note, AbCellera's revenue rose 37.6% year-over-year to $8.96 million, surpassing the Wall Street consensus of $5.91 million. However, the strong top-line growth was not enough to offset concerns about the widening losses. The company reported a total quarterly loss of $57.12 million, highlighting ongoing profitability challenges in its drug discovery and development efforts.

Despite the pre-market plunge, Wall Street maintains a generally optimistic outlook on AbCellera. The average analyst recommendation remains a "buy," with a median 12-month price target of $8.50, representing a potential upside of 46.7% from its last closing price. However, investors will be closely watching how the company addresses its growing losses in the coming quarters.