AbCellera Biologics (NASDAQ:ABCL) Shares Break Above 50 Day Moving Average – Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $12.20 and traded as high as $12.89. AbCellera Biologics shares last traded at $12.83, with a volume of 3,453,901 shares trading hands.

Wall Street Analysts Forecast Growth

ABCL has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Thursday, October 15th. Stifel Nicolaus lifted their target price on shares of AbCellera Biologics from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Truist Financial upped their price target on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group initiated coverage on AbCellera Biologics in a report on Thursday, September 24th. They set a “neutral” rating and a $13.00 price objective for the company. Finally, Benchmark upgraded shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AbCellera Biologics has an average rating of “Moderate Buy” and a consensus target price of $13.89.

AbCellera Biologics Stock Down 4.1%

The stock has a market capitalization of $4.01 billion, a P/E ratio of -24.22 and a beta of 1.41. The business has a 50-day simple moving average of $12.27 and a two-hundred day simple moving average of $6.81.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Wednesday, August 5th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.02). AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. The business had revenue of $4.05 million during the quarter, compared to analyst estimates of $7.85 million. On average, sell-side analysts forecast that AbCellera Biologics Inc. will post -0.69 earnings per share for the current year.

Institutional Investors Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new stake in AbCellera Biologics during the 1st quarter worth approximately $46,000. SG Americas Securities LLC acquired a new stake in AbCellera Biologics in the 1st quarter worth about $70,000. AssuredPartners Investment Advisors LLC bought a new stake in AbCellera Biologics during the second quarter worth about $80,000. Blume Capital Management Inc. boosted its stake in AbCellera Biologics by 22.7% in the third quarter. Blume Capital Management Inc. now owns 5,501 shares of the company’s stock valued at $80,000 after buying an additional 1,017 shares in the last quarter. Finally, Allworth Financial LP bought a new position in shares of AbCellera Biologics in the 2nd quarter valued at $91,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc is a biotechnology company headquartered in Vancouver, British Columbia, that develops antibody-based medicines and provides antibody discovery services to pharmaceutical and biotechnology companies. Its platform is designed to identify therapeutic antibodies from immune cells and accelerate their progression from discovery through development.

The company combines high-throughput screening, microfluidics, single-cell analysis, automation, and artificial intelligence to evaluate large numbers of antibody candidates.