AbCellera Biologics (NASDAQ:ABCL) Shares Climb 8.6% – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price was up 8.6% during mid-day trading on Tuesday. The stock traded as high as $12.09 and last traded at $12.0790. Approximately 220,816 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 5,901,103 shares. The stock had previously closed at $11.12.

Analysts Set New Price Targets

A number of research firms have recently commented on ABCL. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Tuesday, July 7th. The Goldman Sachs Group assumed coverage on AbCellera Biologics in a report on Thursday, September 24th. They set a “neutral” rating and a $13.00 price objective for the company. Stifel Nicolaus increased their target price on AbCellera Biologics from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Thursday, October 15th. Finally, UBS Group began coverage on shares of AbCellera Biologics in a research note on Monday, October 12th. They set a “buy” rating and a $18.00 target price for the company. Two 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.60.

AbCellera Biologics Stock Up 9.4%

The firm has a market cap of $3.73 billion, a PE ratio of -22.53 and a beta of 1.41. The stock has a 50 day moving average price of $12.28 and a two-hundred day moving average price of $6.88.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) earnings per share 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 firm had revenue of $4.05 million during the quarter, compared to analyst estimates of $7.85 million. As a group, equities analysts anticipate that AbCellera Biologics Inc. will post -0.69 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE acquired a new position in shares of AbCellera Biologics during the second quarter worth about $48,211,000. BlackRock Inc. acquired a new stake in AbCellera Biologics in the second quarter valued at approximately $29,872,000. SEB Asset Management AB acquired a new position in AbCellera Biologics during the 1st quarter worth approximately $1,188,000. Man Group plc purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at approximately $1,797,000. Finally, Citizens Financial Group Inc. RI purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at approximately $1,663,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

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.