AbCellera Biologics (NASDAQ:ABCL) Reaches New 52-Week High - Here's Why

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock 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.

Wall Street Analyst Weigh In

Several analysts have recently commented on ABCL shares. Leerink Partners started coverage on shares of AbCellera Biologics in a research report on Monday. They set an "outperform" rating and a $5.00 price objective for the company. KeyCorp increased their price target on AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a research note on Monday. Finally, Truist Financial lowered their price objective on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 16th. One equities research 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 stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $7.50.

AbCellera Biologics Stock Up 1.1%

The company has a 50-day moving average price of $2.75 and a two-hundred day moving average price of $2.75. The stock has a market capitalization of $1.27 billion, a P/E ratio of -7.58 and a beta of 0.62.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.02. The company 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%. On average, sell-side analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

A number of institutional investors have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 valued at $34,946,000 after purchasing an additional 11,171,063 shares during the period. EntryPoint Capital LLC boosted its stake in shares of AbCellera Biologics by 11.3% during the first quarter. EntryPoint Capital LLC now owns 187,822 shares of the company's stock valued at $419,000 after purchasing an additional 19,140 shares during the period. Virtu Financial LLC purchased a new stake in shares of AbCellera Biologics during the first quarter valued at approximately $52,000. Invesco Ltd. boosted its stake in shares of AbCellera Biologics by 114.6% during the first quarter. Invesco Ltd. now owns 24,146 shares of the company's stock valued at $54,000 after purchasing an additional 12,893 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of AbCellera Biologics by 3.4% during the first quarter. Federated Hermes Inc. now owns 947,751 shares of the company's stock valued at $2,113,000 after purchasing an additional 31,514 shares during the period. Hedge funds and other institutional investors 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.