AbCellera Biologics (NASDAQ:ABCL) Trading 8.9% Higher on Analyst Upgrade

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) rose 8.9% during trading on Monday after KeyCorp raised their price target on the stock from $5.00 to $10.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as high as $4.27 and last traded at $4.37. Approximately 2,342,234 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 3,494,327 shares. The stock had previously closed at $4.01.

Several other analysts have also weighed in on the stock. Truist Financial decreased their target price on shares of AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. Leerink Partners began coverage on AbCellera Biologics in a report on Monday, July 7th. They set an “outperform” rating and a $5.00 price objective on the stock. Finally, Leerink Partnrs upgraded AbCellera Biologics to a “strong-buy” rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.75.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in AbCellera Biologics in the fourth quarter valued at about $57,000. HighTower Advisors LLC raised its stake in shares of AbCellera Biologics by 577.9% in the fourth quarter. HighTower Advisors LLC now owns 71,086 shares of the company’s stock valued at $208,000 after acquiring an additional 60,600 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of AbCellera Biologics in the 4th quarter worth approximately $56,000. Signaturefd LLC grew its position in AbCellera Biologics by 61.2% during the 4th quarter. Signaturefd LLC now owns 57,466 shares of the company’s stock worth $168,000 after acquiring an additional 21,807 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in AbCellera Biologics during the 4th quarter valued at $63,000. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The stock has a market cap of $1.29 billion, a P/E ratio of -7.74 and a beta of 0.62. The company has a 50-day simple moving average of $2.82 and a 200-day simple moving average of $2.76.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%. The business had revenue of $4.24 million during the quarter, compared to analysts’ expectations of $7.12 million. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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.