AbCellera Biologics (NASDAQ:ABCL) Trading 10.7% Higher – Here’s What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) rose 10.7% on Thursday . The stock traded as high as $6.17 and last traded at $6.3340. Approximately 1,513,241 shares traded hands during trading, a decline of 72% from the average daily volume of 5,370,899 shares. The stock had previously closed at $5.72.

Wall Street Analyst Weigh In

ABCL has been the topic of several recent analyst reports. JonesTrading initiated coverage on AbCellera Biologics in a report on Friday, April 10th. They set a “buy” rating and a $11.00 target price on the stock. Wall Street Zen lowered AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Cantor Fitzgerald initiated coverage on AbCellera Biologics in a report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.80.

AbCellera Biologics Stock Up 14.1%

The company has a market capitalization of $1.99 billion, a P/E ratio of -13.55 and a beta of 1.18. The business has a fifty day moving average price of $4.32 and a 200 day moving average price of $3.86.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.08. The company had revenue of $8.32 million for the quarter, compared to analyst estimates of $5.41 million. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.During the same period in the previous year, the company posted ($0.15) earnings per share. As a group, equities analysts forecast that AbCellera Biologics Inc. will post -0.67 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the stock. AssuredPartners Investment Advisors LLC acquired a new stake in shares of AbCellera Biologics in the fourth quarter valued at about $34,000. OneDigital Investment Advisors LLC acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $52,000. Insigneo Advisory Services LLC acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $52,000. Voleon Capital Management LP acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $56,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of AbCellera Biologics in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

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.