AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 8.9% on Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shot up 8.9% during trading on Monday after KeyCorp raised their price target on the stock from $5.00 to $10.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as high as $4.27 and last traded at $4.37. 2,342,234 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 3,494,327 shares. The stock had previously closed at $4.01.

A number of other equities research analysts also recently weighed in on ABCL. Leerink Partners assumed coverage on AbCellera Biologics in a research report on Monday, July 7th. They issued an "outperform" rating and a $5.00 target price for the company. Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Truist Financial lowered their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $8.75.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in AbCellera Biologics in the fourth quarter worth $57,000. HighTower Advisors LLC boosted its stake in shares of AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock worth $208,000 after acquiring an additional 60,600 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at about $56,000. Signaturefd LLC increased its holdings in shares of AbCellera Biologics by 61.2% during the 4th quarter. Signaturefd LLC now owns 57,466 shares of the company's stock valued at $168,000 after acquiring an additional 21,807 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of AbCellera Biologics in the 4th quarter valued at approximately $63,000. 61.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Trading Up 8.1%

The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -7.74 and a beta of 0.62. The company has a fifty day moving average of $2.82 and a two-hundred day moving average of $2.76.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its 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. The firm had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%. As a group, sell-side analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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.

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