AbCellera Biologics (NASDAQ:ABCL) Trading 10.6% Higher – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares traded up 10.6% during trading on Tuesday . The company traded as high as $2.76 and last traded at $2.78. 1,724,165 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 4,092,888 shares. The stock had previously closed at $2.51.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ABCL shares. KeyCorp upped their price target on AbCellera Biologics from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 16th. Truist Financial cut their target price on AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. Stifel Nicolaus reduced their price target on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research report on Monday, March 3rd.

AbCellera Biologics Price Performance

The company has a market cap of $963.91 million, a P/E ratio of -5.29 and a beta of 0.36. The company’s 50-day moving average is $2.26 and its two-hundred day moving average is $2.65.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Thursday, May 8th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. The business had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. Equities research analysts anticipate that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ABCL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in AbCellera Biologics by 248.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company’s stock worth $34,946,000 after purchasing an additional 11,171,063 shares during the last quarter. Capital World Investors bought a new position in shares of AbCellera Biologics during the 4th quarter valued at $23,245,000. Two Sigma Investments LP boosted its stake in shares of AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after buying an additional 723,676 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of AbCellera Biologics by 19.8% in the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after buying an additional 430,800 shares during the last quarter. Finally, Tang Capital Management LLC grew its holdings in shares of AbCellera Biologics by 12.3% in the fourth quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock worth $7,568,000 after acquiring an additional 282,816 shares during the period. 61.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company’s preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.