AbCellera Biologics Inc. (NASDAQ:ABCL) Given Average Recommendation of "Buy" by Brokerages

Key Points

• AbCellera Biologics Inc. has received an average analyst rating of "Buy", with one strong buy, four buy, and one hold recommendation, alongside a one-year price target of $8.75.
• The company's stock recently opened at $4.24, with a market capitalization of $1.27 billion, and reported a quarterly loss with an EPS of (0.15), surpassing the consensus estimate.
• Hedge funds currently hold 61.42% of AbCellera's stock, indicating significant institutional interest, with recent changes in positions boosting overall holdings in the company.

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) have been given an average recommendation of "Buy" by the six brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $8.75.

A number of equities research analysts have commented on the company. Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. KeyCorp lifted their price target on AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Truist Financial cut their price target on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Finally, Leerink Partners started coverage on shares of AbCellera Biologics in a research note on Monday, July 7th. They issued an "outperform" rating and a $5.00 target price for the company.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in AbCellera Biologics during the fourth quarter worth about $57,000. HighTower Advisors LLC grew its holdings in shares of AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock worth $208,000 after purchasing an additional 60,600 shares in the last quarter. Norges Bank bought a new position in shares of AbCellera Biologics during the 4th quarter worth approximately $3,764,000. ExodusPoint Capital Management LP bought a new position in AbCellera Biologics in the 4th quarter valued at $826,000. Finally, Quadrant Capital Group LLC raised its position in shares of AbCellera Biologics by 83.4% during the fourth quarter. Quadrant Capital Group LLC now owns 54,709 shares of the company's stock worth $160,000 after acquiring an additional 24,871 shares during the last quarter. Hedge funds and other institutional investors own 61.42% of the company's stock.

AbCellera Biologics Stock Performance

ABCL stock traded down $0.22 during midday trading on Friday, reaching $4.15. 3,150,598 shares of the company were exchanged, compared to its average volume of 4,985,160. AbCellera Biologics has a 1-year low of $1.89 and a 1-year high of $5.82. The stock's 50-day simple moving average is $3.68 and its 200 day simple moving average is $2.94. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -7.40 and a beta of 0.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.02. The business had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. On average, research analysts anticipate that AbCellera Biologics will post -0.59 earnings per share for the current year.

About AbCellera Biologics

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.