AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up - What's Next?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares 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 trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ABCL shares. 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. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Truist Financial dropped 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. Finally, Stifel Nicolaus dropped their price objective on AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, February 28th.

AbCellera Biologics Price Performance

The firm has a 50-day simple moving average of $2.31 and a two-hundred day simple moving average of $2.65. The company has a market cap of $954.96 million, a PE ratio of -5.25 and a beta of 0.36.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share 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 the consensus estimate of $7.12 million. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. Equities research analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Salem Investment Counselors Inc. grew its position in shares of AbCellera Biologics by 7.0% in the first quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company's stock valued at $176,000 after purchasing an additional 5,150 shares during the period. Pier 88 Investment Partners LLC grew its position in AbCellera Biologics by 2.9% during the first 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 during the period. DKM Wealth Management Inc. purchased a new stake in AbCellera Biologics during the fourth quarter valued at about $29,000. Stratos Wealth Advisors LLC purchased a new stake in AbCellera Biologics during the first quarter valued at about $27,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in AbCellera Biologics during the fourth quarter valued at about $36,000. 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.