AbCellera Biologics (NASDAQ:ABCL) Hits New 52-Week High After Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) hit a new 52-week high during trading on Tuesday 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 $4.40 and last traded at $4.24, with a volume of 8060202 shares changing hands. The stock had previously closed at $4.01.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABCL. Salem Investment Counselors Inc. boosted its holdings in AbCellera Biologics by 7.0% during the first quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company’s stock valued at $176,000 after acquiring an additional 5,150 shares during the period. Pier 88 Investment Partners LLC increased its stake in shares of AbCellera Biologics by 2.9% in the first quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company’s stock worth $544,000 after purchasing an additional 6,890 shares during the period. DKM Wealth Management Inc. acquired a new position in shares of AbCellera Biologics during the 4th quarter worth about $29,000. Stratos Wealth Advisors LLC bought a new stake in AbCellera Biologics during the 1st quarter valued at approximately $27,000. Finally, Invesco Ltd. grew its holdings in AbCellera Biologics by 114.6% in the 1st quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock valued at $54,000 after buying an additional 12,893 shares during the last quarter. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Trading Up 3.0%

The stock has a fifty day simple moving average of $2.94 and a 200-day simple moving average of $2.78. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -7.25 and a beta of 0.62.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.02. The business had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. Sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

AbCellera Biologics Company Profile

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.