AbCellera Biologics (NASDAQ:ABCL) Trading 4.3% Higher

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price shot up 4.3% during trading on Wednesday . The company traded as high as $4.25 and last traded at $4.14. 697,893 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 1,355,090 shares. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABCL. Benchmark raised shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a research note on Thursday, February 22nd. Stifel Nicolaus reduced their price objective on shares of AbCellera Biologics from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $15.86.

AbCellera Biologics Stock Up 3.6 %

The business has a 50-day moving average price of $4.56 and a 200-day moving average price of $4.80. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -7.23 and a beta of 0.36.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 12.36% and a negative net margin of 384.99%. The business had revenue of $9.18 million for the quarter, compared to analyst estimates of $9.58 million. On average, equities research analysts forecast that AbCellera Biologics Inc. will post -0.66 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently made changes to their positions in the company. Pacifica Partners Inc. increased its position in shares of AbCellera Biologics by 82.9% in the 4th quarter. Pacifica Partners Inc. now owns 4,820 shares of the company’s stock valued at $28,000 after acquiring an additional 2,185 shares during the period. Pathstone Family Office LLC boosted its holdings in AbCellera Biologics by 16.5% in the third quarter. Pathstone Family Office LLC now owns 17,390 shares of the company’s stock valued at $80,000 after purchasing an additional 2,466 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in AbCellera Biologics by 3.7% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 83,867 shares of the company’s stock valued at $386,000 after purchasing an additional 3,000 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in AbCellera Biologics by 96.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 7,423 shares of the company’s stock valued at $34,000 after purchasing an additional 3,638 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in AbCellera Biologics by 13.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,855 shares of the company’s stock valued at $221,000 after purchasing an additional 4,641 shares during the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.