AbCellera Biologics (NASDAQ:ABCL) Shares Up 11.3% - Here's What Happened

Key Points

• AbCellera Biologics shares rose 11.3% to about $12.99, reaching an intraday high of $12.88, despite trading volume falling 69% below its average.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $12.83; Truist Financial raised its target to $30.
• The company reported weaker-than-expected quarterly results, including a loss of $0.18 per share versus estimates of $0.16 and revenue of $4.05 million versus expectations of $7.85 million. Institutional investors own 61.42% of the stock.

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s stock price shot up 11.3% on Thursday . The company traded as high as $12.88 and last traded at $12.9930. 1,902,121 shares traded hands during trading, a decline of 69% from the average daily volume of 6,110,378 shares. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

ABCL has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of AbCellera Biologics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. Cantor Fitzgerald boosted 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. Stifel Nicolaus lifted their price objective on AbCellera Biologics from $8.00 to $9.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a research report on Tuesday, July 7th. Finally, Truist Financial increased their target price on AbCellera Biologics from $12.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. One investment 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.83.

AbCellera Biologics Stock Up 10.1%

The firm has a fifty day moving average of $8.97 and a 200-day moving average of $6.22. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of -23.82 and a beta of 1.32.

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

Institutional Trading of AbCellera Biologics

Several large investors have recently modified their holdings of the business. Bank of America Corp DE acquired a new position in shares of AbCellera Biologics during the 2nd quarter worth approximately $48,211,000. BlackRock Inc. acquired a new position in shares of AbCellera Biologics in the second quarter worth $29,872,000. Headlands Technologies LLC lifted its position in shares of AbCellera Biologics by 34.8% in the second quarter. Headlands Technologies LLC now owns 246,252 shares of the company's stock valued at $1,933,000 after acquiring an additional 63,596 shares in the last quarter. Man Group plc acquired a new stake in shares of AbCellera Biologics during the second quarter valued at $1,797,000. Finally, Citizens Financial Group Inc. RI purchased a new stake in AbCellera Biologics during the 2nd quarter worth about $1,663,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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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