AbCellera Biologics (NASDAQ:ABCL) Trading Up 5.7% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares were up 5.7% during mid-day trading on Wednesday . The stock traded as high as $3.02 and last traded at $2.99. Approximately 792,233 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 1,695,108 shares. The stock had previously closed at $2.83.

Wall Street Analyst Weigh In

ABCL has been the topic of several recent analyst reports. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $12.00 target price (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The company has a 50-day moving average of $2.69 and a 200-day moving average of $2.93. The stock has a market cap of $892.02 million, a price-to-earnings ratio of -4.98 and a beta of 0.35.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The firm had revenue of $6.51 million during the quarter, compared to analysts’ expectations of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, equities research analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in shares of 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 purchasing an additional 239,000 shares during the period. GSA Capital Partners LLP raised its stake in shares of AbCellera Biologics by 991.3% during the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after buying an additional 219,703 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of AbCellera Biologics during the 2nd quarter worth approximately $923,000. State Board of Administration of Florida Retirement System acquired a new position in shares of AbCellera Biologics during the 1st quarter worth approximately $239,000. Finally, Headlands Technologies LLC purchased a new position in AbCellera Biologics during the second quarter worth $146,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

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.