AbCellera Biologics (NASDAQ:ABCL) Shares Up 7.8% – What’s Next?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 7.8% during trading on Wednesday . The stock traded as high as $4.37 and last traded at $4.3670. 1,230,591 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 5,031,281 shares. The stock had previously closed at $4.05.

Analyst Ratings Changes

Several analysts have recently issued reports on ABCL shares. Wall Street Zen cut shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. JonesTrading started coverage on shares of AbCellera Biologics in a research report on Friday, April 10th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald started coverage on shares of AbCellera Biologics in a research report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.80.

AbCellera Biologics Trading Up 11.8%

The stock has a market capitalization of $1.38 billion, a PE ratio of -9.43 and a beta of 1.02. The firm’s 50-day moving average price is $3.87 and its 200-day moving average price is $3.78.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.08. The company had revenue of $8.32 million for the quarter, compared to the consensus estimate of $5.41 million. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. During the same period in the prior year, the firm posted ($0.15) EPS. On average, equities research analysts predict that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently added to or reduced their stakes in ABCL. Invesco Ltd. lifted its holdings in AbCellera Biologics by 114.6% during 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 in the last quarter. Geode Capital Management LLC grew its stake in AbCellera Biologics by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 363,188 shares of the company’s stock worth $1,246,000 after acquiring an additional 12,301 shares in the last quarter. Creative Planning increased its position in shares of AbCellera Biologics by 6.9% during the second quarter. Creative Planning now owns 41,003 shares of the company’s stock worth $141,000 after acquiring an additional 2,656 shares during the period. Raymond James Financial Inc. increased its position in shares of AbCellera Biologics by 17.0% during the second quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock worth $96,000 after acquiring an additional 4,070 shares during the period. Finally, Bank of America Corp DE increased its position in shares of AbCellera Biologics by 1,304.5% during the second quarter. Bank of America Corp DE now owns 224,365 shares of the company’s stock worth $770,000 after acquiring an additional 208,390 shares during the period. 61.42% of the stock is currently owned by institutional investors.

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.