AbCellera Biologics (NASDAQ:ABCL) Trading 10.7% Higher – Here’s What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) traded up 10.7% on Thursday . The stock traded as high as $6.17 and last traded at $6.3340. 1,513,241 shares were traded during mid-day trading, a decline of 72% from the average session volume of 5,370,899 shares. The stock had previously closed at $5.72.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ABCL shares. Wall Street Zen cut shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. JonesTrading initiated coverage on AbCellera Biologics in a research report on Friday, April 10th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Cantor Fitzgerald began coverage on AbCellera Biologics in a research report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.80.

AbCellera Biologics Trading Up 14.1%

The business’s fifty day simple moving average is $4.32 and its 200 day simple moving average is $3.86. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -13.55 and a beta of 1.18.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABCL. AssuredPartners Investment Advisors LLC bought a new position in shares of AbCellera Biologics in the 4th quarter worth $34,000. Engineers Gate Manager LP bought a new position in shares of AbCellera Biologics in the 4th quarter worth $38,000. Allworth Financial LP boosted its position in shares of AbCellera Biologics by 857.0% in the 4th 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. Janney Montgomery Scott LLC bought a new position in shares of AbCellera Biologics in the 1st quarter worth $46,000. Finally, Magnetar Financial LLC bought a new position in AbCellera Biologics during the fourth quarter worth about $49,000. 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

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.