AbCellera Biologics (NASDAQ:ABCL) Trading Up 10.5% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price was up 10.5% on Wednesday . The stock traded as high as $3.09 and last traded at $3.06. Approximately 840,799 shares traded hands during trading, a decline of 76% from the average daily volume of 3,444,538 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABCL shares. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Stifel Nicolaus restated a “buy” rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Finally, KeyCorp dropped their target price on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th.

AbCellera Biologics Price Performance

The company’s fifty day simple moving average is $2.90 and its 200-day simple moving average is $2.80. The firm has a market capitalization of $889.05 million, a PE ratio of -4.93 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.03). AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The firm had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors have recently added to or reduced their stakes in ABCL. Arcadia Investment Management Corp MI acquired a new stake in shares of AbCellera Biologics in the 3rd quarter worth $26,000. Evergreen Capital Management LLC purchased a new stake in shares of AbCellera Biologics during the 2nd quarter valued at approximately $32,000. NBC Securities Inc. lifted its holdings in AbCellera Biologics by 56.0% in the third quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after acquiring an additional 4,100 shares during the last quarter. Ballentine Partners LLC acquired a new stake in AbCellera Biologics during the third quarter worth $54,000. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of AbCellera Biologics by 104.8% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock valued at $64,000 after purchasing an additional 11,000 shares during the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

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.