6,141,539 Shares in AbCellera Biologics Inc. $ABCL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 6.14 million AbCellera shares worth approximately $48.2 million, giving it about a 2% stake. Institutional investors and hedge funds collectively owned 61.42% of the company.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $12.83; targets range from $9 to $30.
• AbCellera shares opened at $12.63, near their 12-month high of $13.18, despite weak quarterly results: the company reported a $0.18 per-share loss and $4.05 million in revenue, missing analyst estimates for both.

Bank of America Corp DE bought a new stake in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 6,141,539 shares of the company's stock, valued at approximately $48,211,000. Bank of America Corp DE owned about 2.00% of AbCellera Biologics at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of AbCellera Biologics in the second quarter worth $29,872,000. Man Group plc acquired a new position in shares of AbCellera Biologics during the second quarter valued at about $1,797,000. Citizens Financial Group Inc. RI bought a new stake in shares of AbCellera Biologics in the second quarter valued at about $1,663,000. GSA Capital Partners LLP acquired a new stake in AbCellera Biologics during the second quarter worth about $1,659,000. Finally, Royal Bank of Canada grew its position in AbCellera Biologics by 5.6% during the first quarter. Royal Bank of Canada now owns 394,753 shares of the company's stock worth $1,378,000 after buying an additional 20,897 shares in the last quarter. Institutional investors and hedge funds own 61.42% of the company's stock.

Wall Street Analyst Weigh In

ABCL has been the topic of a number of research reports. Wall Street Zen upgraded AbCellera Biologics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AbCellera Biologics in a research report on Friday, July 17th. Stifel Nicolaus lifted their price target on shares of AbCellera Biologics from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price target on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Truist Financial boosted their price target on shares of AbCellera Biologics from $12.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $12.83.

AbCellera Biologics Price Performance

Shares of AbCellera Biologics stock opened at $12.63 on Monday. AbCellera Biologics Inc. has a 12-month low of $2.74 and a 12-month high of $13.18. The stock has a market capitalization of $3.87 billion, a P/E ratio of -23.39 and a beta of 1.32. The company has a 50-day simple moving average of $9.20 and a 200 day simple moving average of $6.35.

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

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.

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