AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 11.6% - Should You Buy?

Key Points

• AbCellera Biologics' stock price increased by 11.6%, trading at $5.62 after closing at $5.03, with over 1.6 million shares traded on Wednesday.
• Equities analysts have varied views on the stock, with Stifel Nicolaus lowering its price target from $8.00 to $7.00, while KeyCorp raised its target from $5.00 to $10.00, reflecting a mixed consensus on the stock.
• The company reported better-than-expected quarterly earnings, with an EPS of ($0.12) against a consensus estimate of ($0.17) and revenues of $17.08 million, surpassing analyst expectations.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s stock price rose 11.6% on Wednesday . The company traded as high as $5.59 and last traded at $5.62. Approximately 1,661,419 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 4,951,385 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Stifel Nicolaus dropped their price target on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Leerink Partners started coverage on shares of AbCellera Biologics in a research report on Monday, July 7th. They issued an "outperform" rating and a $5.00 target price on the stock. KeyCorp upped their price target on shares of AbCellera Biologics from $5.00 to $10.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Wall Street Zen upgraded AbCellera Biologics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $8.00.

AbCellera Biologics Trading Up 12.2%

The company has a fifty day moving average price of $4.48 and a 200-day moving average price of $3.35. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -10.26 and a beta of 0.64.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $17.08 million for the quarter, compared to analyst estimates of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. As a group, sell-side analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake 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 buying an additional 11,171,063 shares during the last quarter. Norges Bank bought a new position in AbCellera Biologics during the second quarter worth $2,164,000. Bank of America Corp DE boosted its holdings in AbCellera Biologics by 1,304.5% in the 2nd quarter. Bank of America Corp DE now owns 224,365 shares of the company's stock valued at $770,000 after purchasing an additional 208,390 shares during the period. Osaic Holdings Inc. grew its position in AbCellera Biologics by 24.2% in the 2nd quarter. Osaic Holdings Inc. now owns 268,001 shares of the company's stock worth $919,000 after purchasing an additional 52,227 shares during the last quarter. Finally, State of Michigan Retirement System bought a new position in shares of AbCellera Biologics during the 2nd quarter worth about $169,000. 61.42% of the stock is owned by institutional investors and hedge funds.

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.

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