AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 9.4% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price was up 9.4% on Wednesday . The stock traded as high as $6.10 and last traded at $6.1610. Approximately 3,828,462 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 5,414,288 shares. The stock had previously closed at $5.63.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABCL. JonesTrading assumed coverage on AbCellera Biologics in a research note on Friday, April 10th. They issued a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald assumed coverage on shares of AbCellera Biologics in a research report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.80.

AbCellera Biologics Stock Performance

The stock has a market cap of $1.88 billion, a P/E ratio of -12.85 and a beta of 1.18. The firm’s fifty day simple moving average is $4.89 and its 200-day simple moving average is $4.04.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.41 million. During the same quarter in the prior year, the company earned ($0.15) EPS. Analysts predict that AbCellera Biologics Inc. will post -0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Institutional investors have recently bought and sold shares of the stock. AssuredPartners Investment Advisors LLC bought a new stake in AbCellera Biologics during the fourth quarter worth $34,000. OneDigital Investment Advisors LLC bought a new position in AbCellera Biologics in the 3rd quarter valued at $52,000. Insigneo Advisory Services LLC bought a new position in AbCellera Biologics in the 3rd quarter valued at $52,000. Voleon Capital Management LP purchased a new stake in shares of AbCellera Biologics during the 3rd quarter valued at $56,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at $38,000. Institutional investors own 61.42% of the company’s stock.

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.