AbCellera Biologics (NASDAQ:ABCL) Sees Strong Trading Volume – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) shares saw strong trading volume on Monday . Approximately 3,627,585 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 5,606,479 shares.The stock last traded at $8.2810 and had previously closed at $7.38.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ABCL shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. Cantor Fitzgerald began coverage on AbCellera Biologics in a research report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 price objective for the company. JonesTrading started coverage on AbCellera Biologics in a research report on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.80.

AbCellera Biologics Stock Performance

The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -16.57 and a beta of 1.17. The business’s 50 day moving average is $5.07 and its 200 day moving average is $4.11.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.08. The business had revenue of $8.31 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted ($0.15) EPS. Sell-side analysts predict that AbCellera Biologics Inc. will post -0.67 EPS for the current year.

Institutional Investors Weigh In On AbCellera Biologics

A number of large investors have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in AbCellera Biologics by 114.6% in the first quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock valued at $54,000 after purchasing an additional 12,893 shares during the last quarter. Geode Capital Management LLC raised its position in shares of AbCellera Biologics by 3.5% in the second 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 during the period. Creative Planning raised its position in shares of AbCellera Biologics by 6.9% in 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. boosted its stake in shares of AbCellera Biologics by 17.0% during the 2nd 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 in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of AbCellera Biologics by 1,304.5% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

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.