AbCellera Biologics (NASDAQ:ABCL) Upgraded to "Strong-Buy" at UBS Group

Key Points

• UBS Group upgraded AbCellera Biologics to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $13.89.
• ABCL shares opened at $12.61, near their 12-month high of $15.02, but the company’s latest quarterly results missed expectations, reporting a $0.18 per-share loss and $4.05 million in revenue.
• Institutional ownership stands at 61.42%: BlackRock, Bank of America and other funds recently established positions in the biotechnology company.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) was upgraded by stock analysts at UBS Group to a "strong-buy" rating in a report released on Sunday, Zacks reports.

A number of other equities analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a report on Saturday, September 26th. Stifel Nicolaus boosted their price objective on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Truist Financial increased their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group began coverage on shares of AbCellera Biologics in a research report on Thursday, September 24th. They set a "neutral" rating and a $13.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, AbCellera Biologics has a consensus rating of "Moderate Buy" and a consensus target price of $13.89.

AbCellera Biologics Trading Down 0.2%

Shares of ABCL opened at $12.61 on Friday. The stock has a market capitalization of $3.87 billion, a P/E ratio of -23.35 and a beta of 1.41. The firm's fifty day simple moving average is $11.66 and its two-hundred day simple moving average is $7.50. AbCellera Biologics has a 12 month low of $2.74 and a 12 month high of $15.02.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released 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). The company had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. AbCellera Biologics had a negative net margin of 248.83% and a negative return on equity of 17.49%. As a group, research analysts predict that AbCellera Biologics will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in AbCellera Biologics during the second quarter valued at $29,872,000. Hsbc Holdings PLC purchased a new stake in AbCellera Biologics in the second quarter worth about $929,000. Bank of America Corp DE bought a new stake in shares of AbCellera Biologics in the 2nd quarter worth approximately $48,211,000. SEB Asset Management AB bought a new stake in shares of AbCellera Biologics in the 1st quarter worth approximately $1,188,000. Finally, Man Group plc purchased a new position in AbCellera Biologics during the second quarter valued at $1,797,000. 61.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company that develops technologies for the discovery and development of antibody medicines. Its platform combines high-throughput screening, single-cell analysis, microfluidics, data science and machine learning to identify antibodies with potential therapeutic applications.

The company works with pharmaceutical and biotechnology partners worldwide, helping them discover and advance antibody candidates for areas such as cancer, infectious diseases, autoimmune disorders and other medical conditions.

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