AbCellera Biologics (NASDAQ:ABCL) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $12.20 and traded as high as $12.89. AbCellera Biologics shares last traded at $12.83, with a volume of 3,453,901 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ABCL shares. Stifel Nicolaus upped their price target on shares of AbCellera Biologics from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. The Goldman Sachs Group initiated coverage on AbCellera Biologics in a research note on Thursday, September 24th. They issued a “neutral” rating and a $13.00 price target for the company. Truist Financial raised their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Tuesday, July 7th. Finally, Cantor Fitzgerald boosted their target price on shares of AbCellera Biologics from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.89.

AbCellera Biologics Trading Up 6.2%

The company has a fifty day moving average price of $12.20 and a 200 day moving average price of $6.72.

AbCellera Biologics (NASDAQ:ABCL) last issued 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 during the quarter, compared to the consensus estimate of $7.85 million. On average, sell-side analysts expect that AbCellera Biologics Inc. will post -0.69 EPS for the current year.

Institutional Trading of AbCellera Biologics

A number of hedge funds have recently bought and sold shares of ABCL. Bank of America Corp DE purchased a new stake in AbCellera Biologics during the second quarter worth about $48,211,000. BlackRock Inc. bought a new stake in AbCellera Biologics during the 2nd quarter valued at $29,872,000. Royal Bank of Canada lifted its position in shares of AbCellera Biologics by 5.6% during the first quarter. Royal Bank of Canada now owns 394,753 shares of the company’s stock worth $1,378,000 after acquiring an additional 20,897 shares in the last quarter. SEB Asset Management AB bought a new stake in shares of AbCellera Biologics during the first quarter valued at about $1,188,000. Finally, Headlands Technologies LLC increased its position in shares of AbCellera Biologics by 34.8% during the second quarter. Headlands Technologies LLC now owns 246,252 shares of the company’s stock valued at $1,933,000 after buying an additional 63,596 shares during the period. 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, British Columbia, that develops antibody-based medicines and provides antibody discovery services to pharmaceutical and biotechnology companies. Its platform is designed to identify therapeutic antibodies from immune cells and accelerate their progression from discovery through development.

The company combines high-throughput screening, microfluidics, single-cell analysis, automation, and artificial intelligence to evaluate large numbers of antibody candidates.