AbCellera Biologics (NASDAQ:ABCL) Shares Up 7.9% - What's Next?

Key Points

• AbCellera Biologics' shares rose by 7.9%, reaching a last traded price of $4.59, amidst lower trading volume compared to averages.
• Analysts have mixed opinions, with KeyCorp increasing the price target to $10.00 while Stifel Nicolaus lowered it to $7.00, resulting in a consensus target price of $8.00.
• The company reported earnings per share of ($0.12), beating estimates and revealing revenues of $17.08 million for the quarter, significantly above analyst forecasts.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s share price shot up 7.9% during mid-day trading on Monday . The company traded as high as $4.56 and last traded at $4.59. 1,748,573 shares were traded during mid-day trading, a decline of 65% from the average session volume of 5,050,125 shares. The stock had previously closed at $4.25.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABCL. KeyCorp boosted their price target on shares of AbCellera Biologics from $5.00 to $10.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Stifel Nicolaus cut their price objective on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Friday. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Leerink Partners assumed coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They set an "outperform" rating and a $5.00 price objective on the stock. Finally, Truist Financial cut their price target on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AbCellera Biologics currently has a consensus rating of "Buy" and a consensus target price of $8.00.

AbCellera Biologics Stock Up 3.2%

The business has a 50-day simple moving average of $3.81 and a two-hundred day simple moving average of $2.96. The stock has a market capitalization of $1.31 billion, a P/E ratio of -7.99 and a beta of 0.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $17.08 million for the quarter, compared to analyst estimates of $7.55 million. On average, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC grew its position in AbCellera Biologics by 333.1% during the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock worth $169,000 after acquiring an additional 44,367 shares during the last quarter. Millennium Management LLC raised its stake in shares of AbCellera Biologics by 96.7% in the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock worth $4,344,000 after purchasing an additional 728,828 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of AbCellera Biologics during the fourth quarter valued at approximately $40,000. Barclays PLC grew its holdings in AbCellera Biologics by 72.0% during the fourth quarter. Barclays PLC now owns 38,351 shares of the company's stock valued at $112,000 after purchasing an additional 16,058 shares during the period. Finally, Capital World Investors purchased a new position in shares of AbCellera Biologics in the fourth quarter valued at $23,245,000. 61.42% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.