AbCellera Biologics (NASDAQ:ABCL) Shares Up 8.9% - Here's What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares were up 8.9% during mid-day trading on Tuesday . The stock traded as high as $2.34 and last traded at $2.33. Approximately 3,422,013 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 2,917,291 shares. The stock had previously closed at $2.14.

Wall Street Analysts Forecast Growth

ABCL has been the topic of a number of recent analyst reports. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Stifel Nicolaus reduced their price target on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. KeyCorp raised their price objective on shares of AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. Finally, Truist Financial reduced their target price on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 16th.

AbCellera Biologics Stock Up 3.0%

The company has a market cap of $728.15 million, a P/E ratio of -4.00 and a beta of 0.46. The business has a 50-day moving average price of $2.22 and a two-hundred day moving average price of $2.65.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The business had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABCL. Moloney Securities Asset Management LLC acquired a new position in AbCellera Biologics in the fourth quarter valued at about $265,000. State of New Jersey Common Pension Fund D acquired a new position in shares of AbCellera Biologics during the 4th quarter worth about $36,000. Raymond James Financial Inc. bought a new stake in shares of AbCellera Biologics in the 4th quarter valued at about $57,000. HighTower Advisors LLC raised its position in shares of AbCellera Biologics by 577.9% in the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock valued at $208,000 after acquiring an additional 60,600 shares during the period. Finally, IMG Wealth Management Inc. bought a new position in AbCellera Biologics during the 4th quarter worth approximately $56,000. 61.42% of the stock is currently owned by 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.