JPMorgan Chase & Co. Begins Coverage on AbCellera Biologics (NASDAQ:ABCL)

JPMorgan Chase & Co. assumed coverage on shares of AbCellera Biologics (NASDAQ:ABCL) in a report released on Tuesday, Briefing.com reports. The brokerage set an “overweight” rating and a $17.00 price target on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 22.13% from the company’s previous close.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group initiated coverage on AbCellera Biologics in a research report on Thursday, September 24th. They issued a “neutral” rating and a $13.00 target price on the stock. Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Tuesday, July 7th. Truist Financial upped their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Finally, Stifel Nicolaus increased their price objective on AbCellera Biologics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, AbCellera Biologics has a consensus rating of “Moderate Buy” and a consensus price target of $13.38.

AbCellera Biologics Price Performance

Shares of AbCellera Biologics stock opened at $13.92 on Tuesday. The business has a fifty day simple moving average of $9.97 and a two-hundred day simple moving average of $6.74. AbCellera Biologics has a 1 year low of $2.74 and a 1 year high of $14.23. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of -25.78 and a beta of 1.32.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The company had revenue of $4.05 million during the quarter, compared to analyst estimates of $7.85 million. AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. As a group, equities analysts anticipate that AbCellera Biologics will post -0.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of AbCellera Biologics during the 2nd quarter worth approximately $29,872,000. Hsbc Holdings PLC acquired a new stake in shares of AbCellera Biologics during the 2nd quarter worth approximately $929,000. SEB Asset Management AB bought a new position in AbCellera Biologics in the first quarter valued at approximately $1,188,000. Bank of America Corp DE bought a new position in AbCellera Biologics in the second quarter valued at approximately $48,211,000. Finally, Citizens Financial Group Inc. RI acquired a new position in AbCellera Biologics during the second quarter valued at approximately $1,663,000. Institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.