AbCellera Biologics (NASDAQ:ABCL) Stock Crosses Above 50-Day Moving Average – What’s Next?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $12.30 and traded as high as $12.74. AbCellera Biologics shares last traded at $12.50, with a volume of 2,945,557 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Jefferies Financial Group began coverage on AbCellera Biologics in a research note on Friday, October 30th. They issued a “buy” rating and a $21.00 target price on the stock. The Goldman Sachs Group initiated coverage on AbCellera Biologics in a research note on Thursday, September 24th. They set a “neutral” rating and a $13.00 price target for the company. Cantor Fitzgerald lifted their price target on AbCellera Biologics from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. assumed coverage on AbCellera Biologics in a research note on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 price target for the company. Finally, Truist Financial increased their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.78.

AbCellera Biologics Trading Up 5.2%

The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -23.15 and a beta of 1.59. The firm has a 50-day moving average of $12.30 and a two-hundred day moving average of $7.08.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $10.64 million during the quarter, compared to the consensus estimate of $8.41 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. During the same quarter last year, the company earned ($0.19) EPS. As a group, equities analysts anticipate that AbCellera Biologics Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bessemer Group Inc. bought a new position in AbCellera Biologics in the 3rd quarter valued at $380,000. Allworth Financial LP lifted its stake in AbCellera Biologics by 35.3% in the 3rd quarter. Allworth Financial LP now owns 15,748 shares of the company’s stock valued at $230,000 after acquiring an additional 4,105 shares in the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of AbCellera Biologics in the third quarter worth $4,089,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $242,000. Finally, ProShare Advisors LLC raised its stake in shares of AbCellera Biologics by 12.2% during the 3rd quarter. ProShare Advisors LLC now owns 11,235 shares of the company’s stock worth $164,000 after purchasing an additional 1,224 shares in the last quarter. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease.

The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.

Founded in 2012, AbCellera has collaborated with global partners, including Eli Lilly, on antibody treatments for COVID-19.