AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up - Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.02, but opened at $3.50. AbCellera Biologics shares last traded at $3.38, with a volume of 6,186,343 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Monday, March 3rd. KeyCorp raised their price objective on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Stifel Nicolaus reduced their price target on AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Finally, Truist Financial decreased their price target on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 16th.

AbCellera Biologics Trading Up 1.6%

The business's fifty day simple moving average is $2.31 and its 200-day simple moving average is $2.66. The firm has a market cap of $954.96 million, a P/E ratio of -5.25 and a beta of 0.36.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 533.32% and a negative return on equity of 15.73%. Analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Institutional Investors Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings 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 acquiring an additional 11,171,063 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in AbCellera Biologics by 11.3% in the first quarter. EntryPoint Capital LLC now owns 187,822 shares of the company's stock valued at $419,000 after acquiring an additional 19,140 shares in the last quarter. Virtu Financial LLC bought a new stake in AbCellera Biologics in the first quarter valued at $52,000. Invesco Ltd. increased its position in AbCellera Biologics by 114.6% during the 1st 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. increased its position in AbCellera Biologics by 3.4% during the 1st 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.