AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 9.4% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) rose 9.4% during trading on Wednesday . The company traded as high as $6.10 and last traded at $6.1610. 3,828,462 shares traded hands during trading, a decline of 29% from the average session volume of 5,414,288 shares. The stock had previously closed at $5.63.

Analyst Upgrades and Downgrades

ABCL has been the subject of a number of research analyst reports. Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. JonesTrading began coverage on AbCellera Biologics in a research report on Friday, April 10th. They set a “buy” rating and a $11.00 price target on the stock. Cantor Fitzgerald began coverage on AbCellera Biologics in a research note on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 price objective on the stock. Finally, Weiss Ratings restated 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.80.

AbCellera Biologics Stock Performance

The company’s 50 day moving average price is $5.00 and its 200-day moving average price is $4.08. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -13.87 and a beta of 1.18.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.08. The business had revenue of $8.31 million during the quarter, compared to analyst estimates of $5.41 million. AbCellera Biologics had a negative net margin of 181.75% and a negative return on equity of 14.86%. During the same period in the prior year, the business earned ($0.15) earnings per share. As a group, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.67 earnings per share for the current year.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of AbCellera Biologics during the 4th quarter worth $26,938,000. Two Sigma Investments LP lifted its holdings in shares of AbCellera Biologics by 25.9% during the third quarter. Two Sigma Investments LP now owns 5,175,142 shares of the company’s stock valued at $26,031,000 after purchasing an additional 1,064,290 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of AbCellera Biologics by 1,636.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,344,485 shares of the company’s stock valued at $14,858,000 after purchasing an additional 4,094,268 shares during the last quarter. Bank of America Corp DE boosted its position in shares of AbCellera Biologics by 13.9% in the 1st quarter. Bank of America Corp DE now owns 2,999,936 shares of the company’s stock valued at $10,470,000 after purchasing an additional 367,064 shares during the period. Finally, Tudor Investment Corp ET AL boosted its position in shares of AbCellera Biologics by 146.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,796,010 shares of the company’s stock valued at $6,142,000 after purchasing an additional 1,065,888 shares during the period. Institutional investors and hedge funds own 61.42% of the company’s stock.

About AbCellera Biologics

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.