AbCellera Biologics (NASDAQ:ABCL) Stock Jumps 8.6% – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 8.6% during trading on Tuesday. The company traded as high as $12.09 and last traded at $12.0790. 220,816 shares were traded during mid-day trading, a decline of 96% from the average session volume of 5,901,103 shares. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ABCL. Truist Financial lifted their target price on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald increased their price target on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. UBS Group initiated coverage on AbCellera Biologics in a report on Monday, October 12th. They issued a “buy” rating and a $18.00 price objective on the stock. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, AbCellera Biologics currently has an average rating of “Moderate Buy” and a consensus target price of $14.60.

AbCellera Biologics Price Performance

The business’s 50-day simple moving average is $12.28 and its 200-day simple moving average is $6.88. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -22.53 and a beta of 1.41.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.02). AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. The company had revenue of $4.05 million during the quarter, compared to analysts’ expectations of $7.85 million. As a group, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABCL. Bank of America Corp DE acquired a new position in shares of AbCellera Biologics in the 2nd quarter valued at $48,211,000. BlackRock Inc. bought a new position in AbCellera Biologics in the 2nd quarter valued at $29,872,000. Headlands Technologies LLC raised its holdings in shares of AbCellera Biologics by 34.8% in the second quarter. Headlands Technologies LLC now owns 246,252 shares of the company’s stock valued at $1,933,000 after buying an additional 63,596 shares during the last quarter. Man Group plc acquired a new position in AbCellera Biologics during the 2nd quarter worth about $1,797,000. Finally, Citizens Financial Group Inc. RI bought a new stake in AbCellera Biologics during the 2nd quarter worth about $1,663,000. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

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.