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

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on ABCL. KeyCorp increased their target price on shares of AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. Leerink Partners began coverage on shares of AbCellera Biologics in a research report on Monday, July 7th. They set an "outperform" rating and a $5.00 target price for the company. Truist Financial dropped 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 report on Friday, May 16th. Finally, Leerink Partnrs upgraded shares of AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $7.50.

AbCellera Biologics Stock Performance

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -7.16 and a beta of 0.62. The firm's 50-day simple moving average is $2.82 and its two-hundred day simple moving average is $2.76.

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, beating the consensus estimate of ($0.17) by $0.02. The firm 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%. Equities research analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Raymond James Financial Inc. bought a new position in shares of AbCellera Biologics in the 4th quarter valued at about $57,000. HighTower Advisors LLC boosted its stake in shares of AbCellera Biologics by 577.9% in the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock valued at $208,000 after purchasing an additional 60,600 shares during the last quarter. IMG Wealth Management Inc. bought a new position in shares of AbCellera Biologics in the 4th quarter valued at about $56,000. Signaturefd LLC boosted its stake in shares of AbCellera Biologics by 61.2% in the 4th quarter. Signaturefd LLC now owns 57,466 shares of the company's stock valued at $168,000 after purchasing an additional 21,807 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of AbCellera Biologics in the 4th quarter valued at about $63,000. Institutional investors and hedge funds own 61.42% of the company's stock.

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.