AbCellera Biologics (NASDAQ:ABCL) Sets New 12-Month High After Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price hit a new 52-week high during trading on Tuesday after Benchmark upgraded the stock from a hold rating to a buy rating. Benchmark now has a $11.00 price target on the stock. AbCellera Biologics traded as high as $8.44 and last traded at $7.8160, with a volume of 1343694 shares traded. The stock had previously closed at $7.87.

A number of other research analysts also recently issued reports on ABCL. JonesTrading assumed coverage on AbCellera Biologics in a research note on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective for the company. Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. Finally, Cantor Fitzgerald assumed coverage on shares of AbCellera Biologics in a research report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, AbCellera Biologics currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.33.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning grew its position in shares of AbCellera Biologics by 6.9% during the 2nd quarter. Creative Planning now owns 41,003 shares of the company’s stock valued at $141,000 after purchasing an additional 2,656 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in AbCellera Biologics by 25.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,546 shares of the company’s stock valued at $50,000 after buying an additional 2,993 shares during the period. Advisory Services Network LLC boosted its stake in AbCellera Biologics by 12.9% during the fourth quarter. Advisory Services Network LLC now owns 29,664 shares of the company’s stock valued at $101,000 after buying an additional 3,386 shares during the period. Stratos Wealth Advisors LLC grew its position in AbCellera Biologics by 21.1% during the fourth quarter. Stratos Wealth Advisors LLC now owns 23,000 shares of the company’s stock worth $79,000 after buying an additional 4,000 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in shares of AbCellera Biologics by 17.0% in the 2nd quarter. Raymond James Financial Inc. now owns 28,049 shares of the company’s stock valued at $96,000 after acquiring an additional 4,070 shares in the last quarter. 61.42% of the stock is currently owned by institutional investors.

AbCellera Biologics Stock Down 2.0%

The firm’s 50-day simple moving average is $5.54 and its 200-day simple moving average is $4.29. The firm has a market capitalization of $2.35 billion, a P/E ratio of -16.06 and a beta of 1.14.

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

AbCellera Biologics Company Profile

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.