AbCellera Biologics (NASDAQ:ABCL) Trading 11% Higher – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares shot up 11% during trading on Wednesday . The company traded as high as $5.55 and last traded at $5.6490. Approximately 1,786,510 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 5,381,780 shares. The stock had previously closed at $5.09.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. JonesTrading started coverage on shares of AbCellera Biologics in a report on Friday, April 10th. They issued a “buy” rating and a $11.00 target price for the company. Wall Street Zen cut shares of AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Cantor Fitzgerald started coverage on shares of AbCellera Biologics in a report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.80.

AbCellera Biologics Stock Up 1.7%

The firm’s fifty day moving average price is $4.76 and its 200 day moving average price is $4.00. The stock has a market cap of $1.69 billion, a PE ratio of -11.52 and a beta of 1.18.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Monday, May 11th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.08. The company had revenue of $8.31 million during the quarter, compared to analysts’ expectations of $5.41 million. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. During the same period last year, the company posted ($0.15) earnings per share. As a group, analysts anticipate that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds have recently made changes to their positions in ABCL. DNB Asset Management AS bought a new position in shares of AbCellera Biologics in the third quarter worth about $3,301,000. Tudor Investment Corp ET AL bought a new stake in AbCellera Biologics during the 3rd quarter valued at about $3,673,000. Green Alpha Advisors LLC lifted its holdings in AbCellera Biologics by 21.2% during the 4th quarter. Green Alpha Advisors LLC now owns 27,592 shares of the company’s stock valued at $94,000 after buying an additional 4,817 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in AbCellera Biologics in the 4th quarter valued at about $271,000. Finally, Allworth Financial LP boosted its position in AbCellera Biologics by 857.0% in the 4th quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock valued at $39,000 after buying an additional 10,096 shares during the period. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

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.