AbCellera Biologics (NASDAQ:ABCL) Sets New 52-Week High – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $6.86 and last traded at $6.6750, with a volume of 6153303 shares. The stock had previously closed at $6.03.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. Wall Street Zen lowered AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. JonesTrading initiated coverage on AbCellera Biologics in a research note on Friday, April 10th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Cantor Fitzgerald initiated coverage on AbCellera Biologics in a report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 price objective for the company. 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $7.80.

AbCellera Biologics Price Performance

The company has a market capitalization of $2.25 billion, a PE ratio of -15.37 and a beta of 1.18. The company’s fifty day moving average is $5.07 and its 200-day moving average is $4.11.

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

Institutional Investors Weigh In On AbCellera Biologics

Hedge funds have recently made changes to their positions in the stock. DNB Asset Management AS bought a new position in AbCellera Biologics in the third quarter worth about $3,301,000. Tudor Investment Corp ET AL purchased a new stake in shares of AbCellera Biologics during the third quarter valued at about $3,673,000. Virtu Financial LLC bought a new stake in shares of AbCellera Biologics in the 4th quarter valued at about $619,000. Janney Montgomery Scott LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter valued at about $46,000. Finally, Hsbc Holdings PLC boosted its holdings in shares of AbCellera Biologics by 375.4% in the 4th quarter. Hsbc Holdings PLC now owns 117,031 shares of the company’s stock valued at $401,000 after buying an additional 92,414 shares in the last quarter. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.