AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up on Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) gapped up prior to trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $4.37, but opened at $4.63. AbCellera Biologics shares last traded at $4.4650, with a volume of 1,148,204 shares changing hands.

Several other equities research analysts have also commented on ABCL. Leerink Partners reiterated a “market perform” rating and set a $4.00 price objective on shares of AbCellera Biologics in a research note on Friday, November 7th. Leerink Partnrs lowered AbCellera Biologics from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $7.75.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors have recently added to or reduced their stakes in ABCL. Hollencrest Capital Management acquired a new position in AbCellera Biologics in the third quarter valued at about $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of AbCellera Biologics during the second quarter valued at about $35,000. J2 Capital Management Inc purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at approximately $45,000. Lantern Wealth Advisors LLC purchased a new stake in shares of AbCellera Biologics in the 2nd quarter valued at approximately $51,000. Finally, OneDigital Investment Advisors LLC acquired a new position in shares of AbCellera Biologics in the 3rd quarter worth approximately $52,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The stock has a market cap of $1.31 billion, a PE ratio of -7.73 and a beta of 0.73. The stock’s 50-day moving average is $3.76 and its two-hundred day moving average is $4.37.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Thursday, November 6th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.02). The firm had revenue of $6.51 million during the quarter, compared to analyst estimates of $6.33 million. AbCellera Biologics had a negative net margin of 493.42% and a negative return on equity of 17.21%. Analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

About AbCellera Biologics

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.