AbCellera Biologics (NASDAQ:ABCL) Sets New 1-Year High – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $6.52 and last traded at $6.17, with a volume of 10161348 shares traded. The stock had previously closed at $5.77.

Analysts Set New Price Targets

Several research analysts have issued reports on ABCL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Wednesday. Leerink Partners assumed coverage on shares of AbCellera Biologics in a research report on Monday, July 7th. They issued an “outperform” rating and a $5.00 price target on the stock. Wall Street Zen upgraded shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Stifel Nicolaus cut their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Finally, Leerink Partnrs raised AbCellera Biologics to a “strong-buy” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $8.00.

AbCellera Biologics Price Performance

The business has a 50 day moving average of $4.66 and a 200 day moving average of $3.54. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -10.05 and a beta of 0.69.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%.The company had revenue of $17.08 million during the quarter, compared to analyst estimates of $7.55 million. As a group, equities analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of AbCellera Biologics by 248.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 15,671,063 shares of the company’s stock valued at $34,946,000 after purchasing an additional 11,171,063 shares in the last quarter. Federated Hermes Inc. increased its position in shares of AbCellera Biologics by 3.4% during the first quarter. Federated Hermes Inc. now owns 947,751 shares of the company’s stock worth $2,113,000 after acquiring an additional 31,514 shares in the last quarter. Norges Bank bought a new stake in shares of AbCellera Biologics during the second quarter worth $2,164,000. Geode Capital Management LLC increased its position in shares of AbCellera Biologics by 3.5% during the second quarter. Geode Capital Management LLC now owns 363,188 shares of the company’s stock worth $1,246,000 after acquiring an additional 12,301 shares in the last quarter. Finally, Osaic Holdings Inc. increased its position in shares of AbCellera Biologics by 24.2% during the second quarter. Osaic Holdings Inc. now owns 268,001 shares of the company’s stock worth $919,000 after acquiring an additional 52,227 shares in the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

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.