AbCellera Biologics (NASDAQ:ABCL) Shares Up 7.8% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) was up 7.8% during mid-day trading on Wednesday . The company traded as high as $4.37 and last traded at $4.3670. Approximately 1,230,591 shares changed hands during trading, a decline of 76% from the average daily volume of 5,031,281 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ABCL. Cantor Fitzgerald began coverage on shares of AbCellera Biologics in a research note on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Monday, April 20th. Wall Street Zen downgraded shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, JonesTrading began coverage on shares of AbCellera Biologics in a research note on Friday, April 10th. They issued a “buy” rating and a $11.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, AbCellera Biologics currently has a consensus rating of “Moderate Buy” and an average price target of $7.80.

AbCellera Biologics Stock Up 11.8%

The company’s 50 day moving average price is $3.87 and its 200 day moving average price is $3.78. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -9.43 and a beta of 1.02.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.08. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. The business had revenue of $8.32 million during the quarter, compared to the consensus estimate of $5.41 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. As a group, analysts expect that AbCellera Biologics Inc. will post -0.67 earnings per share for the current year.

Institutional Investors Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently made changes to their positions in ABCL. Hollencrest Capital Management acquired a new stake in shares of AbCellera Biologics during the third quarter worth $25,000. AssuredPartners Investment Advisors LLC purchased a new position in shares of AbCellera Biologics during the fourth quarter worth $34,000. Engineers Gate Manager LP purchased a new position in shares of AbCellera Biologics during the fourth quarter worth $38,000. Allworth Financial LP raised its holdings in shares of AbCellera Biologics by 857.0% during the fourth quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock worth $39,000 after purchasing an additional 10,096 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in shares of AbCellera Biologics during the first quarter worth $46,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.