KeyCorp Forecasts Strong Price Appreciation for AbCellera Biologics (NASDAQ:ABCL) Stock

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) had its price target raised by investment analysts at KeyCorp from $5.00 to $10.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's price objective indicates a potential upside of 151.38% from the company's current price.

Several other research analysts also recently commented on the stock. Leerink Partnrs raised shares of AbCellera Biologics to a "strong-buy" rating in a research note on Monday, July 7th. Truist Financial decreased their price target on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Finally, Leerink Partners initiated coverage on shares of AbCellera Biologics in a report on Monday, July 7th. They issued an "outperform" rating and a $5.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $8.75.

AbCellera Biologics Trading Down 6.2%

Shares of ABCL stock traded down $0.26 during trading hours on Monday, hitting $3.98. 3,835,595 shares of the company's stock were exchanged, compared to its average volume of 3,514,727. The company has a market capitalization of $1.19 billion, a PE ratio of -7.10 and a beta of 0.62. AbCellera Biologics has a 12-month low of $1.89 and a 12-month high of $4.58. The business's 50 day simple moving average is $2.86 and its 200-day simple moving average is $2.77.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.02. The firm had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. Equities analysts anticipate that AbCellera Biologics will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ABCL. Squarepoint Ops LLC boosted its holdings in AbCellera Biologics by 333.1% in the fourth quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock valued at $169,000 after acquiring an additional 44,367 shares in the last quarter. Millennium Management LLC lifted its position in AbCellera Biologics by 96.7% during the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after buying an additional 728,828 shares during the period. Balyasny Asset Management L.P. purchased a new position in AbCellera Biologics during the fourth quarter valued at $40,000. HighTower Advisors LLC lifted its position in AbCellera Biologics by 577.9% during the fourth quarter. HighTower Advisors LLC now owns 71,086 shares of the company's stock valued at $208,000 after buying an additional 60,600 shares during the period. Finally, Guardian Partners Inc. purchased a new position in AbCellera Biologics during the fourth quarter valued at $5,413,000. 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.