Insider Buying: AbCellera Biologics (NASDAQ:ABCL) Major Shareholder Purchases 60,565 Shares of Stock

AbCellera Biologics Inc. (NASDAQ:ABCL) major shareholder Holdings Ltd. Thermopylae acquired 60,565 shares of AbCellera Biologics stock in a transaction dated Thursday, November 12th. The shares were acquired at an average price of $11.54 per share, with a total value of $698,920.10. Following the transaction, the insider owned 56,194,662 shares in the company, valued at approximately $648,486,399.48. This represents a 0.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

AbCellera Biologics Price Performance

Shares of ABCL traded down $0.24 during mid-day trading on Thursday, hitting $11.71. The company’s stock had a trading volume of 2,277,972 shares, compared to its average volume of 5,819,444. The firm has a 50-day moving average price of $12.33 and a 200 day moving average price of $7.16. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -24.39 and a beta of 1.59. AbCellera Biologics Inc. has a fifty-two week low of $2.74 and a fifty-two week high of $15.02.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, November 9th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $10.64 million during the quarter, compared to analyst estimates of $8.41 million. AbCellera Biologics had a negative net margin of 218.54% and a negative return on equity of 15.35%. During the same period in the prior year, the business earned ($0.19) earnings per share. As a group, equities analysts anticipate that AbCellera Biologics Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABCL. Bank of America Corp DE purchased a new position in shares of AbCellera Biologics in the second quarter worth approximately $48,211,000. BlackRock Inc. acquired a new stake in shares of AbCellera Biologics during the second quarter valued at approximately $29,872,000. Royal Bank of Canada lifted its position in shares of AbCellera Biologics by 5.6% in the 1st quarter. Royal Bank of Canada now owns 394,753 shares of the company’s stock valued at $1,378,000 after acquiring an additional 20,897 shares in the last quarter. SEB Asset Management AB purchased a new stake in shares of AbCellera Biologics in the 1st quarter valued at approximately $1,188,000. Finally, Pictet Asset Management Holding SA purchased a new stake in shares of AbCellera Biologics in the 3rd quarter valued at approximately $4,089,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ABCL shares. Jefferies Financial Group assumed coverage on AbCellera Biologics in a report on Friday, October 30th. They issued a “buy” rating and a $21.00 price target on the stock. UBS Group began coverage on AbCellera Biologics in a research note on Monday, October 12th. They set a “buy” rating and a $18.00 price objective for the company. Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a report on Saturday, October 31st. Cantor Fitzgerald lifted their target price on AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, AbCellera Biologics currently has an average rating of “Moderate Buy” and an average price target of $16.20.

AbCellera Biologics Company Profile

AbCellera Biologics Inc. is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease. The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.