AbCellera Biologics (NASDAQ:ABCL) Share Price Crosses Above 50 Day Moving Average – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $12.30 and traded as high as $12.74. AbCellera Biologics shares last traded at $12.50, with a volume of 2,945,557 shares trading hands.

Analyst Ratings Changes

ABCL has been the topic of a number of recent research reports. Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. UBS Group initiated coverage on shares of AbCellera Biologics in a report on Monday, October 12th. They issued a “buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of AbCellera Biologics in a research report on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 target price for the company. The Goldman Sachs Group began coverage on shares of AbCellera Biologics in a research report on Thursday, September 24th. They set a “neutral” rating and a $13.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, AbCellera Biologics currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.78.

AbCellera Biologics Stock Performance

The stock has a market capitalization of $3.83 billion, a P/E ratio of -23.15 and a beta of 1.59. The business has a fifty day simple moving average of $12.30 and a 200-day simple moving average of $7.08.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The firm had revenue of $10.64 million during the quarter, compared to the consensus estimate of $8.41 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, sell-side analysts anticipate that AbCellera Biologics Inc. will post -0.69 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. purchased a new position in AbCellera Biologics in the third quarter worth $380,000. Allworth Financial LP grew its stake in AbCellera Biologics by 35.3% in the 3rd quarter. Allworth Financial LP now owns 15,748 shares of the company’s stock valued at $230,000 after buying an additional 4,105 shares in the last quarter. Pictet Asset Management Holding SA purchased a new position in shares of AbCellera Biologics in the third quarter valued at $4,089,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of AbCellera Biologics during the third quarter valued at about $242,000. Finally, ProShare Advisors LLC lifted its stake in AbCellera Biologics by 12.2% in the 3rd quarter. ProShare Advisors LLC now owns 11,235 shares of the company’s stock worth $164,000 after purchasing an additional 1,224 shares in the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease.

The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.

Founded in 2012, AbCellera has collaborated with global partners, including Eli Lilly, on antibody treatments for COVID-19.