AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 10.5% – Time to Buy?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) traded up 10.5% during mid-day trading on Wednesday . The stock traded as high as $3.09 and last traded at $3.06. 840,799 shares were traded during mid-day trading, a decline of 76% from the average session volume of 3,444,538 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

A number of equities analysts recently commented on ABCL shares. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Stifel Nicolaus reissued a “buy” rating and issued a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, KeyCorp cut their price objective 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 Stock Down 0.7 %

The company’s fifty day moving average is $2.91 and its two-hundred day moving average is $2.80.

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

Institutional Investors Weigh In On AbCellera Biologics

Several institutional investors have recently added to or reduced their stakes in ABCL. Walleye Capital LLC acquired a new stake in AbCellera Biologics during the third quarter worth approximately $668,000. Renaissance Technologies LLC boosted its stake in AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock valued at $5,117,000 after acquiring an additional 239,000 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of AbCellera Biologics by 991.3% during the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after purchasing an additional 219,703 shares during the last quarter. State Street Corp increased its position in shares of AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after purchasing an additional 4,679 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of AbCellera Biologics by 104.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock valued at $913,000 after purchasing an additional 158,000 shares during the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

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.