AbCellera Biologics (NASDAQ:ABCL) Sees Large Volume Increase

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) saw an uptick in trading volume on Tuesday . 2,099,780 shares changed hands during mid-day trading, an increase of 34% from the previous session’s volume of 1,562,375 shares.The stock last traded at $2.40 and had previously closed at $2.40.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ABCL shares. KeyCorp reaffirmed an “overweight” rating and set a $5.00 target price (down from $7.00) on shares of AbCellera Biologics in a report on Thursday, July 11th. Benchmark lowered shares of AbCellera Biologics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AbCellera Biologics presently has a consensus rating of “Moderate Buy” and an average target price of $14.20.

AbCellera Biologics Price Performance

The business’s 50 day simple moving average is $2.81 and its 200 day simple moving average is $3.61. The stock has a market cap of $758.66 million, a P/E ratio of -4.98 and a beta of 0.37.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. AbCellera Biologics had a negative net margin of 463.77% and a negative return on equity of 13.40%. The business had revenue of $7.30 million during the quarter, compared to analysts’ expectations of $10.12 million. During the same quarter last year, the company posted ($0.11) EPS. The firm’s revenue for the quarter was down 27.7% on a year-over-year basis. Research analysts predict that AbCellera Biologics Inc. will post -0.55 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Intellectus Partners LLC increased its position in shares of AbCellera Biologics by 0.7% during the second quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock worth $1,615,000 after acquiring an additional 3,750 shares in the last quarter. Pacifica Partners Inc. lifted its holdings in shares of AbCellera Biologics by 78.8% in the first quarter. Pacifica Partners Inc. now owns 8,619 shares of the company’s stock valued at $39,000 after purchasing an additional 3,799 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of AbCellera Biologics by 13.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,855 shares of the company’s stock worth $221,000 after buying an additional 4,641 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in shares of AbCellera Biologics by 85.7% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 19,500 shares of the company’s stock worth $111,000 after buying an additional 9,000 shares in the last quarter. Finally, Evergreen Capital Management LLC acquired a new stake in AbCellera Biologics in the 2nd quarter valued at approximately $32,000. 61.42% of the stock is owned by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.