AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 7.9% - Here's What Happened

Key Points

• AbCellera Biologics' stock price rose by 7.9%, trading as high as $6.19 before closing at $6.23, despite a significant drop in trading volume.
• Equity analysts have mixed views on the stock with ratings ranging from "Strong Buy" to "Sell", resulting in an average target price of $8.00.
• The company also reported positive earnings, beating expectations with a revenue of $17.08 million and an EPS of ($0.12), which exceeded the consensus estimate of ($0.17).

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s share price rose 7.9% during trading on Wednesday . The company traded as high as $6.19 and last traded at $6.23. Approximately 2,088,102 shares traded hands during trading, a decline of 59% from the average daily volume of 5,058,819 shares. The stock had previously closed at $5.77.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ABCL shares. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Wall Street Zen upgraded AbCellera Biologics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of AbCellera Biologics in a research report on Wednesday. KeyCorp boosted their price objective 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. Finally, Stifel Nicolaus cut their price target on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $8.00.

AbCellera Biologics Stock Up 10.1%

The company has a market cap of $1.90 billion, a P/E ratio of -11.61 and a beta of 0.69. The business's 50 day moving average is $4.58 and its 200 day moving average is $3.47.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) 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 company had revenue of $17.08 million for the quarter, compared to analyst estimates of $7.55 million. As a group, equities research analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently made changes to their positions in ABCL. Creative Planning raised its stake in shares of AbCellera Biologics by 6.9% in the second quarter. Creative Planning now owns 41,003 shares of the company's stock valued at $141,000 after acquiring an additional 2,656 shares in the last quarter. Raymond James Financial Inc. increased its position in AbCellera Biologics by 17.0% during the second quarter. Raymond James Financial Inc. now owns 28,049 shares of the company's stock worth $96,000 after buying an additional 4,070 shares during the period. Salem Investment Counselors Inc. increased its holdings 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 increased its stake in shares of AbCellera Biologics by 2.9% during the first quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company's stock worth $544,000 after acquiring an additional 6,890 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of AbCellera Biologics in the 2nd quarter worth approximately $35,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.