AbCellera Biologics (NASDAQ:ABCL) Shares Up 8.9% - Time to Buy?

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 changed 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.

Analysts Set New Price Targets

Several equities analysts have issued reports on ABCL shares. Truist Financial cut their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. KeyCorp boosted their price target on AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 16th. Benchmark restated a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Finally, Stifel Nicolaus dropped their price target on AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, February 28th.

AbCellera Biologics Stock Up 0.8%

The stock has a 50-day moving average of $2.21 and a 200 day moving average of $2.65. The stock has a market cap of $728.15 million, a PE ratio of -4.00 and a beta of 0.46.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Millennium Management LLC raised its stake in shares of AbCellera Biologics by 96.7% during the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock worth $4,344,000 after buying an additional 728,828 shares during the period. Moloney Securities Asset Management LLC acquired a new position in AbCellera Biologics during the 4th quarter worth about $265,000. Balyasny Asset Management L.P. acquired a new position in AbCellera Biologics during the 4th quarter worth about $40,000. HighTower Advisors LLC raised its position in 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 purchasing an additional 60,600 shares in the last quarter. Finally, Guardian Partners Inc. acquired a new stake in AbCellera Biologics in the 4th quarter valued at about $5,413,000. 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.