AbCellera Biologics (NASDAQ:ABCL) Shares Up 5.7% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price traded up 5.7% on Wednesday . The stock traded as high as $3.02 and last traded at $2.99. 792,233 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,695,108 shares. The stock had previously closed at $2.83.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABCL. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reiterated a “buy” rating and set a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The stock has a market cap of $886.10 million, a price-to-earnings ratio of -4.92 and a beta of 0.35. The business has a 50-day simple moving average of $2.70 and a two-hundred day simple moving average of $2.93.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The business had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. During the same period last year, the business posted ($0.10) EPS. On average, analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citizens Financial Group Inc. RI acquired a new position in shares of AbCellera Biologics during the 2nd quarter worth about $923,000. Walleye Capital LLC bought a new position in shares of AbCellera Biologics during the third quarter worth approximately $668,000. Renaissance Technologies LLC lifted its holdings in AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after purchasing an additional 239,000 shares during the last quarter. GSA Capital Partners LLP grew its holdings in AbCellera Biologics by 991.3% in the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after buying an additional 219,703 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in AbCellera Biologics by 104.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after buying an additional 158,000 shares during the period. Institutional investors and hedge funds 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.