AbCellera Biologics (NASDAQ:ABCL) Hits New 52-Week High - Here's What Happened

Key Points

• AbCellera Biologics (NASDAQ:ABCL) reached a new 52-week high of $5.97 during trading, significantly rising from its previous close of $5.03.
• Analyst ratings for AbCellera have recently improved, with KeyCorp setting a new price target of $10.00 and multiple firms giving "buy" or "strong buy" ratings.
• The company reported a positive earnings surprise in its latest quarterly results, with an EPS of ($0.12), beating expectations and generating revenues of $17.08 million.

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $5.97 and last traded at $5.96, with a volume of 12702448 shares trading hands. The stock had previously closed at $5.03.

Analyst Ratings Changes

ABCL has been the topic of several analyst reports. KeyCorp lifted their price target on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Leerink Partners initiated coverage on shares of AbCellera Biologics in a research note on Monday, July 7th. They set an "outperform" rating and a $5.00 price target on the stock. Stifel Nicolaus dropped their price target on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Wall Street Zen raised shares of AbCellera Biologics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, AbCellera Biologics has an average rating of "Buy" and a consensus target price of $8.00.

AbCellera Biologics Stock Performance

The company's fifty day moving average price is $4.50 and its 200 day moving average price is $3.37. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -10.84 and a beta of 0.69.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business had revenue of $17.08 million during the quarter, compared to analyst estimates of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ABCL. Squarepoint Ops LLC boosted its stake in AbCellera Biologics by 333.1% during the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock valued at $169,000 after purchasing an additional 44,367 shares during the period. Salem Investment Counselors Inc. boosted its stake in AbCellera Biologics by 7.0% during the 1st quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company's stock valued at $176,000 after purchasing an additional 5,150 shares during the period. GEM Asset Management LLC acquired a new position in AbCellera Biologics during the 1st quarter valued at about $63,000. Janney Montgomery Scott LLC acquired a new position in AbCellera Biologics during the 1st quarter valued at about $29,000. Finally, AssuredPartners Investment Advisors LLC acquired a new position in AbCellera Biologics during the 1st quarter valued at about $34,000. 61.42% of the stock is owned by institutional investors and hedge funds.

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.

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