AbCellera Biologics (NASDAQ:ABCL) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of AbCellera Biologics (NASDAQ:ABCL) in a research note published on Tuesday, MarketBeat.com reports. The firm issued an overweight rating and a $17.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, September 26th. The Goldman Sachs Group initiated coverage on AbCellera Biologics in a report on Thursday, September 24th. They issued a “neutral” rating and a $13.00 price objective for the company. Benchmark upgraded shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday, July 7th. Stifel Nicolaus upped their target price on shares of AbCellera Biologics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, AbCellera Biologics has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

AbCellera Biologics Stock Performance

AbCellera Biologics stock opened at $13.91 on Tuesday. The stock’s 50 day simple moving average is $10.49 and its two-hundred day simple moving average is $6.97. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -25.76 and a beta of 1.40. AbCellera Biologics has a fifty-two week low of $2.74 and a fifty-two week high of $15.02.

AbCellera Biologics (NASDAQ:ABCL) last posted its 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). The firm had revenue of $4.05 million for the quarter, compared to analysts’ expectations 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, analysts predict that AbCellera Biologics will post -0.68 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. Bank of America Corp DE purchased a new stake in AbCellera Biologics during the second quarter valued at $48,211,000. BlackRock Inc. bought a new position in AbCellera Biologics in the second quarter valued at about $29,872,000. Headlands Technologies LLC boosted its position in AbCellera Biologics by 34.8% in 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 last quarter. Man Group plc purchased a new position in AbCellera Biologics in the second quarter worth about $1,797,000. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of AbCellera Biologics during the 2nd quarter valued at about $1,663,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

About AbCellera Biologics

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.