AbCellera Biologics (NASDAQ:ABCL) Coverage Initiated at Leerink Partners

Leerink Partners started coverage on shares of AbCellera Biologics (NASDAQ:ABCL - Free Report) in a research note published on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $5.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. Truist Financial cut their target price on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 16th. KeyCorp boosted their target price on shares of AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 16th. One 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. According to MarketBeat.com, AbCellera Biologics currently has an average rating of "Buy" and an average price target of $7.50.

AbCellera Biologics Trading Up 0.7%

ABCL traded up $0.03 on Monday, reaching $4.25. The stock had a trading volume of 4,254,329 shares, compared to its average volume of 3,465,394. AbCellera Biologics has a 12-month low of $1.89 and a 12-month high of $4.38. The business's 50-day moving average price is $2.75 and its two-hundred day moving average price is $2.75. The company has a market cap of $1.27 billion, a P/E ratio of -7.59 and a beta of 0.62.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.02. The company had revenue of $4.24 million during the quarter, compared to analysts' expectations of $7.12 million. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. As a group, analysts predict that AbCellera Biologics will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ABCL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in AbCellera Biologics by 248.2% in the 1st 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 purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $23,245,000. Guardian Partners Inc. purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $5,413,000. Norges Bank purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $3,764,000. Finally, Millennium Management LLC lifted its stake in AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock worth $4,344,000 after purchasing an additional 728,828 shares in the last quarter. 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.