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

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) have received a consensus rating of "Buy" from the six brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $7.50.

A number of analysts have weighed in on ABCL shares. KeyCorp raised their price target on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Leerink Partners started coverage on AbCellera Biologics in a research note on Monday. They issued an "outperform" rating and a $5.00 price target on the stock. Truist Financial cut their price target 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. Finally, Leerink Partnrs upgraded AbCellera Biologics to a "strong-buy" rating in a research note on Monday.

Institutional Trading of AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in ABCL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of AbCellera Biologics by 248.2% during 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 in the last quarter. Capital World Investors acquired a new stake in shares of AbCellera Biologics during the fourth quarter worth about $23,245,000. Guardian Partners Inc. acquired a new stake in shares of AbCellera Biologics during the fourth quarter worth about $5,413,000. Norges Bank acquired a new stake in shares of AbCellera Biologics during the fourth quarter worth about $3,764,000. Finally, Millennium Management LLC grew its holdings in shares of AbCellera Biologics by 96.7% during the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock worth $4,344,000 after buying an additional 728,828 shares during the last quarter. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Stock Up 8.5%

NASDAQ:ABCL traded up $0.33 during trading hours on Tuesday, reaching $4.22. 6,979,281 shares of the stock were exchanged, compared to its average volume of 3,462,229. The business has a 50-day moving average of $2.72 and a two-hundred day moving average of $2.74. AbCellera Biologics has a twelve month low of $1.89 and a twelve month high of $4.29. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -7.54 and a beta of 0.62.

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

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.