AbCellera Biologics (NASDAQ:ABCL) Trading 11.3% Higher – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) shares were up 11.3% on Thursday . The company traded as high as $12.88 and last traded at $12.9930. Approximately 1,902,121 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 6,110,378 shares. The stock had previously closed at $11.67.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Friday, July 17th. Truist Financial raised their target price on shares of AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Cantor Fitzgerald boosted their target price on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Benchmark upgraded shares of 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, Stifel Nicolaus increased their price target on AbCellera Biologics from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.83.

AbCellera Biologics Price Performance

The stock has a fifty day simple moving average of $9.20 and a two-hundred day simple moving average of $6.33. The firm has a market capitalization of $3.87 billion, a P/E ratio of -23.39 and a beta of 1.32.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). The business had revenue of $4.05 million for the quarter, compared to the consensus estimate of $7.85 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.68 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

A number of large investors have recently bought and sold shares of ABCL. WINTON GROUP Ltd bought a new stake in AbCellera Biologics in the second quarter valued at $442,000. NewEdge Advisors LLC grew its stake in shares of AbCellera Biologics by 4,850.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,852 shares of the company’s stock valued at $117,000 after buying an additional 14,552 shares during the period. HighTower Advisors LLC grew its stake in shares of AbCellera Biologics by 12.5% in the 2nd quarter. HighTower Advisors LLC now owns 107,933 shares of the company’s stock valued at $847,000 after buying an additional 12,000 shares during the period. XML Financial LLC increased its position in AbCellera Biologics by 35.7% in the 2nd quarter. XML Financial LLC now owns 57,025 shares of the company’s stock valued at $448,000 after buying an additional 15,000 shares in the last quarter. Finally, Headlands Technologies LLC increased its position in AbCellera Biologics by 34.8% in the 2nd 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 in the last quarter. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.