AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 8.6% – Here’s Why

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 8.6% on Tuesday. The company traded as high as $12.09 and last traded at $12.0790. 220,816 shares traded hands during trading, a decline of 96% from the average session volume of 5,901,103 shares. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

Several equities analysts have commented on ABCL shares. UBS Group began coverage on AbCellera Biologics in a research report on Monday, October 12th. They issued a “buy” rating and a $18.00 target price for the company. Truist Financial lifted their price target on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald boosted their price target on AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group began coverage on AbCellera Biologics in a research note on Thursday, September 24th. They issued a “neutral” rating and a $13.00 price objective for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of AbCellera Biologics in a report on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.60.

AbCellera Biologics Trading Down 9.4%

The firm has a market capitalization of $3.41 billion, a P/E ratio of -20.61 and a beta of 1.59. The company has a 50-day moving average of $12.31 and a 200-day moving average of $6.96.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. The company had revenue of $4.05 million during the quarter, compared to the consensus estimate of $7.85 million. Research analysts predict that AbCellera Biologics Inc. will post -0.69 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blume Capital Management Inc. grew its stake in shares of AbCellera Biologics by 22.7% in the 3rd quarter. Blume Capital Management Inc. now owns 5,501 shares of the company’s stock valued at $80,000 after buying an additional 1,017 shares during the period. AssuredPartners Investment Advisors LLC bought a new stake in shares of AbCellera Biologics during the second quarter valued at approximately $80,000. ProShare Advisors LLC raised its position in shares of AbCellera Biologics by 12.2% during the third quarter. ProShare Advisors LLC now owns 11,235 shares of the company’s stock worth $164,000 after purchasing an additional 1,224 shares during the period. Allworth Financial LP acquired a new position in shares of AbCellera Biologics during the second quarter worth approximately $91,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of AbCellera Biologics during the first quarter worth approximately $46,000. 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, British Columbia, that develops antibody-based medicines and provides antibody discovery services to pharmaceutical and biotechnology companies. Its platform is designed to identify therapeutic antibodies from immune cells and accelerate their progression from discovery through development.

The company combines high-throughput screening, microfluidics, single-cell analysis, automation, and artificial intelligence to evaluate large numbers of antibody candidates.