AbCellera Biologics (NASDAQ:ABCL) Trading 13.5% Higher - Here's Why

Key Points

• AbCellera Biologics shares surged 13.5% to about $12.04, with trading volume significantly below the stock’s average session volume.
• Analyst sentiment improved, led by Truist Financial raising its price target to $30; MarketBeat’s consensus rating is “Moderate Buy” with an average target of $12.83.
• The company’s latest quarterly results were weaker than expected, with a loss of $0.18 per share and revenue of $4.05 million versus analysts’ estimates of $7.85 million. Institutional investors own 61.42% of the stock.

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) rose 13.5% during trading on Tuesday . The company traded as high as $11.91 and last traded at $12.0390. Approximately 1,915,826 shares were traded during trading, a decline of 69% from the average session volume of 6,269,868 shares. The stock had previously closed at $10.61.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABCL. Truist Financial lifted their price target on shares of AbCellera Biologics from $12.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of AbCellera Biologics in a research note on Friday, July 17th. Stifel Nicolaus raised their target price on 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 target price on AbCellera Biologics from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, Benchmark upgraded AbCellera Biologics from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AbCellera Biologics presently has an average rating of "Moderate Buy" and an average target price of $12.83.

AbCellera Biologics Trading Up 17.1%

The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -22.91 and a beta of 1.20. The firm's fifty day moving average price is $7.38 and its 200 day moving average price is $5.23.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $4.05 million during the quarter, compared to analyst estimates of $7.85 million. On average, analysts forecast that AbCellera Biologics Inc. will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Hedge funds have recently bought and sold shares of the company. XML Financial LLC grew its position in 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 in the last quarter. Headlands Technologies LLC increased its stake in AbCellera Biologics by 34.8% during the second 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 period. Cookson Peirce & Co. Inc. acquired a new stake in shares of AbCellera Biologics during the second quarter worth about $785,000. Ausdal Financial Partners Inc. acquired a new stake in shares of AbCellera Biologics during the second quarter worth about $119,000. Finally, Bank of America Corp DE purchased a new position in shares of AbCellera Biologics in the second quarter valued at approximately $48,211,000. Institutional investors and hedge funds own 61.42% of the company's stock.

About AbCellera Biologics

AbCellera Biologics Inc NASDAQ: ABCL is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company's technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.

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