Cantor Fitzgerald Forecasts Strong Price Appreciation for AbCellera Biologics (NASDAQ:ABCL) Stock

AbCellera Biologics (NASDAQ:ABCL) had its target price raised by research analysts at Cantor Fitzgerald from $11.00 to $12.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 102.70% from the stock’s previous close.

ABCL has been the subject of several other research reports. JonesTrading assumed coverage on shares of AbCellera Biologics in a research report on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Friday, July 17th. Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Benchmark upgraded AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, AbCellera Biologics currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

AbCellera Biologics Stock Down 2.8%

Shares of AbCellera Biologics stock opened at $5.92 on Thursday. The stock has a market capitalization of $1.81 billion, a P/E ratio of -12.33 and a beta of 1.20. The company has a 50-day simple moving average of $6.19 and a 200 day simple moving average of $4.66. AbCellera Biologics has a 12-month low of $2.74 and a 12-month high of $8.44.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.04). AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. The business had revenue of $4.05 million during the quarter, compared to analyst estimates of $7.85 million. On average, equities analysts anticipate that AbCellera Biologics will post -0.67 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

A number of hedge funds have recently modified their holdings of the company. Invesco Ltd. boosted its stake in AbCellera Biologics by 114.6% during the 1st quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock worth $54,000 after acquiring an additional 12,893 shares during the last quarter. Geode Capital Management LLC increased its stake in AbCellera Biologics by 3.5% in the second quarter. Geode Capital Management LLC now owns 363,188 shares of the company’s stock valued at $1,246,000 after purchasing an additional 12,301 shares in the last quarter. Creative Planning increased its stake in AbCellera Biologics by 6.9% in the second quarter. Creative Planning now owns 41,003 shares of the company’s stock valued at $141,000 after purchasing an additional 2,656 shares in the last quarter. Raymond James Financial Inc. raised its holdings in AbCellera Biologics by 17.0% in the second quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock worth $96,000 after purchasing an additional 4,070 shares during the period. Finally, Bank of America Corp DE raised its holdings in AbCellera Biologics by 1,304.5% in the second quarter. Bank of America Corp DE now owns 224,365 shares of the company’s stock worth $770,000 after purchasing an additional 208,390 shares during the period. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.