AbCellera Biologics (NASDAQ:ABCL) Shares Up 7.6% - Still a Buy?

Key Points

• Shares of AbCellera Biologics (NASDAQ:ABCL) rose by 7.6%, trading at $4.61, despite a significant decline in average session volume.
• Analysts have mixed ratings on the stock, with target prices ranging from $5.00 to $10.00, and a current average rating of "Buy".
• The company reported earnings above expectations, with a revenue of $17.08 million for the quarter, significantly exceeding analyst estimates.

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $4.58 and last traded at $4.61. 489,371 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 4,954,288 shares. The stock had previously closed at $4.28.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ABCL. Truist Financial lowered their price objective on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Stifel Nicolaus decreased their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Leerink Partners assumed coverage on AbCellera Biologics in a research note on Monday, July 7th. They issued an "outperform" rating and a $5.00 price objective for the company. Wall Street Zen raised AbCellera Biologics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $8.00.

AbCellera Biologics Stock Up 8.8%

The firm has a market cap of $1.39 billion, a P/E ratio of -8.43 and a beta of 0.64. The company's 50 day simple moving average is $4.34 and its 200-day simple moving average is $3.14.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%.The company had revenue of $17.08 million during the quarter, compared to analyst estimates of $7.55 million. Equities research analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of AbCellera Biologics by 248.2% in 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 worth $34,946,000 after acquiring an additional 11,171,063 shares during the period. Two Sigma Investments LP raised its position in shares of AbCellera Biologics by 28.6% during the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company's stock worth $9,544,000 after purchasing an additional 723,676 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of AbCellera Biologics by 19.8% during the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company's stock worth $7,643,000 after purchasing an additional 430,800 shares during the last quarter. Tang Capital Management LLC raised its position in shares of AbCellera Biologics by 12.3% during the 4th quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company's stock worth $7,568,000 after purchasing an additional 282,816 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after buying an additional 728,828 shares during the period. Institutional investors and hedge funds own 61.42% of the company's stock.

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.

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