AbCellera Biologics (NASDAQ:ABCL) Hits New 1-Year High - Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $4.17 and last traded at $4.14, with a volume of 2970700 shares. The stock had previously closed at $3.89.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Truist Financial cut their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. Leerink Partners assumed coverage on AbCellera Biologics in a research report on Monday, July 7th. They issued an "outperform" rating and a $5.00 price objective on the stock. Finally, KeyCorp raised their price objective on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $7.50.

AbCellera Biologics Trading Down 5.6%

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -7.16 and a beta of 0.62. The firm has a 50-day moving average of $2.82 and a 200 day moving average of $2.76.

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

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently modified their holdings of the stock. Stratos Wealth Advisors LLC purchased a new stake in shares of AbCellera Biologics in the first quarter valued at $27,000. DKM Wealth Management Inc. purchased a new stake in shares of AbCellera Biologics during the fourth quarter worth $29,000. Janney Montgomery Scott LLC purchased a new stake in shares of AbCellera Biologics during the first quarter worth $29,000. AssuredPartners Investment Advisors LLC purchased a new stake in shares of AbCellera Biologics during the first quarter worth $34,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of AbCellera Biologics during the fourth quarter worth $40,000. 61.42% of the stock is owned by 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.