AbCellera Biologics (NASDAQ:ABCL) Shares Up 11.3% – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price shot up 11.3% during mid-day trading on Thursday . The stock traded as high as $12.88 and last traded at $12.9930. 1,902,121 shares traded hands during trading, a decline of 69% from the average session volume of 6,110,378 shares. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ABCL shares. Wall Street Zen raised shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Friday, July 17th. Cantor Fitzgerald lifted their target price on shares of AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Truist Financial boosted their price target on AbCellera Biologics from $12.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Finally, Benchmark raised AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, AbCellera Biologics has an average rating of “Moderate Buy” and an average target price of $12.83.

AbCellera Biologics Stock Performance

The stock’s fifty day simple moving average is $8.97 and its two-hundred day simple moving average is $6.22. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -23.82 and a beta of 1.32.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). The firm had revenue of $4.05 million for the quarter, compared to analyst estimates of $7.85 million. AbCellera Biologics had a negative return on equity of 17.49% and a negative net margin of 248.83%. Analysts predict that AbCellera Biologics Inc. will post -0.68 EPS for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

A number of large investors have recently modified their holdings of ABCL. Bank of America Corp DE purchased a new position in shares of AbCellera Biologics in the second quarter valued at $48,211,000. BlackRock Inc. purchased a new stake in AbCellera Biologics during the 2nd quarter worth $29,872,000. SEB Asset Management AB purchased a new stake in AbCellera Biologics during the 1st quarter worth $1,188,000. Man Group plc acquired a new position in AbCellera Biologics in the 2nd quarter worth $1,797,000. Finally, Citizens Financial Group Inc. RI acquired a new position in AbCellera Biologics in the 2nd quarter worth $1,663,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc is a biotechnology company that develops antibody-based medicines in partnership with pharmaceutical and biotechnology companies. Its technology platform combines artificial intelligence, machine learning, high-throughput screening, single-cell analysis and other laboratory techniques to identify and evaluate antibody candidates.

The company provides integrated antibody discovery and development services, helping partners move from biological targets and immune-cell samples to optimized therapeutic antibody candidates.