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

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s stock 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 trading hands. The stock had previously closed at $3.89.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ABCL shares. KeyCorp lifted 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. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday. Truist Financial lowered 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. Finally, Leerink Partners began coverage on shares of AbCellera Biologics in a report on Monday. They set an "outperform" rating and a $5.00 price objective on the stock. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, AbCellera Biologics presently has a consensus rating of "Buy" and a consensus price target of $7.50.

AbCellera Biologics Stock Performance

The stock has a market cap of $1.27 billion, a PE ratio of -7.59 and a beta of 0.62. The firm's 50-day moving average is $2.79 and its 200 day 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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. The company had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. On average, sell-side analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. DKM Wealth Management Inc. bought a new stake in shares of AbCellera Biologics during the fourth quarter worth $29,000. Stratos Wealth Advisors LLC bought a new stake in shares of AbCellera Biologics during the first quarter worth $27,000. Janney Montgomery Scott LLC acquired a new position in shares of AbCellera Biologics during the first quarter valued at $29,000. Balyasny Asset Management L.P. acquired a new position in shares of AbCellera Biologics during the fourth quarter valued at $40,000. Finally, Mariner LLC acquired a new position in shares of AbCellera Biologics during the fourth quarter valued at $42,000. 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

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.