AbCellera Biologics (NASDAQ:ABCL) Trading Up 9.4% - Here's Why

Key Points

• AbCellera Biologics (NASDAQ:ABCL) saw a significant stock increase of 9.4% during mid-day trading, reaching a peak of $4.95.
• Analysts have mixed ratings on the stock, with a consensus price target of $8.00, of which one has rated it as a Strong Buy, four as Buy, and one as Hold.
• The company's recent earnings report showed a revenue of $17.08 million, exceeding analyst estimates and highlighting a negative return on equity of 16.17%.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) was up 9.4% during mid-day trading on Monday . The stock traded as high as $4.95 and last traded at $4.94. Approximately 3,679,107 shares were traded during trading, a decline of 26% from the average daily volume of 4,946,701 shares. The stock had previously closed at $4.51.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ABCL shares. Stifel Nicolaus decreased their price objective on shares of AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 8th. Wall Street Zen raised shares of AbCellera Biologics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. Leerink Partners started coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They set an "outperform" rating and a $5.00 price objective for the company. Finally, KeyCorp upped their price objective on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $8.00.

AbCellera Biologics Trading Up 7.1%

The business's fifty day simple moving average is $4.42 and its 200 day simple moving average is $3.24. The stock has a market cap of $1.44 billion, a P/E ratio of -8.78 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) EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. The firm had revenue of $17.08 million for the quarter, compared to analyst estimates of $7.55 million. On average, analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of AbCellera Biologics by 248.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company's stock valued at $34,946,000 after purchasing an additional 11,171,063 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company's stock valued at $9,544,000 after purchasing an additional 723,676 shares during the last quarter. Millennium Management LLC boosted its stake in shares of AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after purchasing an additional 728,828 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of AbCellera Biologics by 3.4% in the 1st quarter. Federated Hermes Inc. now owns 947,751 shares of the company's stock valued at $2,113,000 after purchasing an additional 31,514 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AbCellera Biologics in the 2nd quarter valued at about $2,164,000. Institutional investors own 61.42% of the company's stock.

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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