AbCellera Biologics (NASDAQ:ABCL) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of AbCellera Biologics with an “overweight” rating and a $17 price target, implying 22.13% upside from the prior close.
• Analyst sentiment is broadly positive: AbCellera has a “Moderate Buy” consensus rating and an average price target of $13.38, though ratings range from Strong Buy to Sell.
• Shares opened at $13.92, near the 52-week high of $14.23, while the company recently missed quarterly estimates with a $0.18 per-share loss and $4.05 million in revenue versus $7.85 million expected.

Investment analysts at JPMorgan Chase & Co. started coverage on shares of AbCellera Biologics (NASDAQ:ABCL - Get Free Report) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage set an "overweight" rating and a $17.00 price target on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 22.13% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of AbCellera Biologics in a report on Friday, July 17th. Cantor Fitzgerald raised their price objective on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. The Goldman Sachs Group initiated coverage on shares of AbCellera Biologics in a research report on Thursday, September 24th. They issued a "neutral" rating and a $13.00 price objective on the stock. Truist Financial increased their target price on AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AbCellera Biologics has an average rating of "Moderate Buy" and an average target price of $13.38.

AbCellera Biologics Stock Performance

Shares of ABCL opened at $13.92 on Tuesday. The stock has a 50 day simple moving average of $9.97 and a 200 day simple moving average of $6.74. AbCellera Biologics has a 52-week low of $2.74 and a 52-week high of $14.23. The firm has a market capitalization of $4.27 billion, a PE ratio of -25.78 and a beta of 1.32.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.02). AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%.The business had revenue of $4.05 million for the quarter, compared to the consensus estimate of $7.85 million. Equities research analysts predict that AbCellera Biologics will post -0.68 EPS for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently made changes to their positions in ABCL. WINTON GROUP Ltd acquired a new position in AbCellera Biologics during the second quarter worth $442,000. NewEdge Advisors LLC lifted its stake in AbCellera Biologics by 4,850.7% in the second quarter. NewEdge Advisors LLC now owns 14,852 shares of the company's stock valued at $117,000 after acquiring an additional 14,552 shares during the last quarter. HighTower Advisors LLC grew its position in shares of AbCellera Biologics by 12.5% in the 2nd quarter. HighTower Advisors LLC now owns 107,933 shares of the company's stock valued at $847,000 after acquiring an additional 12,000 shares during the period. XML Financial LLC grew its position in shares of AbCellera Biologics by 35.7% in the 2nd quarter. XML Financial LLC now owns 57,025 shares of the company's stock valued at $448,000 after acquiring an additional 15,000 shares during the period. Finally, Headlands Technologies LLC increased its stake in shares of AbCellera Biologics by 34.8% during the 2nd quarter. Headlands Technologies LLC now owns 246,252 shares of the company's stock worth $1,933,000 after purchasing an additional 63,596 shares during the last quarter. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.