AbCellera Biologics (NASDAQ:ABCL) Shares Up 8% - Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares were up 8% on Tuesday . The stock traded as high as $3.58 and last traded at $3.60. Approximately 1,770,122 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 3,255,710 shares. The stock had previously closed at $3.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. Truist Financial dropped their price objective 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. Stifel Nicolaus reduced their target price on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Monday, March 3rd.

AbCellera Biologics Stock Performance

The business's 50 day moving average price is $2.45 and its 200-day moving average price is $2.67. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -6.68 and a beta of 0.36.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. The firm had revenue of $4.24 million during the quarter, compared to analyst estimates of $7.12 million. On average, equities research analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors have recently added to or reduced their stakes in ABCL. Salem Investment Counselors Inc. raised its stake 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 acquiring an additional 5,150 shares during the last quarter. Pier 88 Investment Partners LLC raised its position in AbCellera Biologics by 2.9% in the 1st quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company's stock valued at $544,000 after purchasing an additional 6,890 shares during the last quarter. DKM Wealth Management Inc. acquired a new position in AbCellera Biologics in the fourth quarter worth $29,000. Stratos Wealth Advisors LLC bought a new stake in shares of AbCellera Biologics during the first quarter worth $27,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of AbCellera Biologics in the fourth quarter valued at $36,000. 61.42% of the stock is owned by institutional investors.

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.