AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up Following Strong Earnings

Key Points

• AbCellera Biologics' shares gapped up to $4.82 after reporting an earnings beat with a loss of ($0.12) EPS compared to a consensus estimate of ($0.17).
• The company's revenue for the quarter was $17.08 million, significantly surpassing the expected $7.55 million.
• Wall Street analysts have mixed ratings for the stock, with target price estimates ranging from $5.00 to $10.00, reflecting a general "buy" sentiment.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.24, but opened at $4.82. AbCellera Biologics shares last traded at $4.07, with a volume of 5,775,444 shares.

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 for the quarter, compared to the consensus estimate of $7.55 million. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. KeyCorp raised their target price on AbCellera Biologics from $5.00 to $10.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Leerink Partners assumed coverage on AbCellera Biologics in a report on Monday, July 7th. They set an "outperform" rating and a $5.00 target price on the stock. Truist Financial dropped their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Stifel Nicolaus lowered their price objective on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Friday. Finally, Leerink Partnrs upgraded AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $8.00.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds have recently bought and sold shares of the business. Creative Planning raised its stake in AbCellera Biologics by 6.9% during the 2nd quarter. Creative Planning now owns 41,003 shares of the company's stock valued at $141,000 after acquiring an additional 2,656 shares in the last quarter. Salem Investment Counselors Inc. raised 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 acquiring an additional 5,150 shares in the last quarter. Pier 88 Investment Partners LLC raised its stake in AbCellera Biologics by 2.9% during the 1st quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company's stock valued at $544,000 after acquiring an additional 6,890 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in AbCellera Biologics during the 2nd quarter valued at $35,000. Finally, Stratos Wealth Advisors LLC bought a new stake in AbCellera Biologics during the 1st quarter valued at $27,000. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Stock Performance

The stock has a 50 day moving average price of $3.85 and a 200 day moving average price of $2.97. The company has a market cap of $1.29 billion, a P/E ratio of -7.85 and a beta of 0.65.

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.