AbCellera Biologics (NASDAQ:ABCL) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) shares passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $12.20 and traded as high as $12.89. AbCellera Biologics shares last traded at $12.83, with a volume of 3,453,901 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Thursday, October 15th. Truist Financial upped their target price on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. UBS Group began coverage on AbCellera Biologics in a research note on Monday, October 12th. They set a “buy” rating and a $18.00 target price on the stock. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. initiated coverage on AbCellera Biologics in a research note on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.89.

AbCellera Biologics Price Performance

The stock has a 50-day moving average of $12.20 and a 200 day moving average of $6.72.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The company had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. On average, analysts expect that AbCellera Biologics Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABCL. Blume Capital Management Inc. increased its holdings in shares of AbCellera Biologics by 22.7% during the third quarter. Blume Capital Management Inc. now owns 5,501 shares of the company’s stock worth $80,000 after buying an additional 1,017 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of AbCellera Biologics by 13.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 14,272 shares of the company’s stock valued at $208,000 after acquiring an additional 1,721 shares during the last quarter. Green Alpha Advisors LLC boosted its holdings in shares of AbCellera Biologics by 4.6% during the 3rd quarter. Green Alpha Advisors LLC now owns 22,930 shares of the company’s stock valued at $335,000 after acquiring an additional 1,014 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of AbCellera Biologics during the 2nd quarter valued at $442,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of AbCellera Biologics by 4,850.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,852 shares of the company’s stock valued at $117,000 after acquiring an additional 14,552 shares in the last quarter. Institutional investors and hedge funds own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, British Columbia, that develops antibody-based medicines and provides antibody discovery services to pharmaceutical and biotechnology companies. Its platform is designed to identify therapeutic antibodies from immune cells and accelerate their progression from discovery through development.

The company combines high-throughput screening, microfluidics, single-cell analysis, automation, and artificial intelligence to evaluate large numbers of antibody candidates.