Pictet Asset Management Holding SA Buys New Stake in AbCellera Biologics Inc. $ABCL

Pictet Asset Management Holding SA purchased a new position in shares of AbCellera Biologics Inc. (NASDAQ:ABCL) during the 3rd quarter, HoldingsChannel reports. The firm purchased 275,905 shares of the company’s stock, valued at approximately $4,089,000.

Several other hedge funds also recently modified their holdings of the business. Bank of America Corp DE bought a new position in shares of AbCellera Biologics during the 2nd quarter valued at $48,211,000. BlackRock Inc. bought a new stake in AbCellera Biologics in the second quarter worth $29,872,000. Headlands Technologies LLC boosted its holdings in AbCellera Biologics by 34.8% in the second quarter. Headlands Technologies LLC now owns 246,252 shares of the company’s stock worth $1,933,000 after purchasing an additional 63,596 shares in the last quarter. Man Group plc acquired a new position in AbCellera Biologics during the second quarter worth $1,797,000. Finally, Citizens Financial Group Inc. RI bought a new position in AbCellera Biologics during the second quarter valued at about $1,663,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Holdings Ltd. Thermopylae purchased 60,565 shares of the firm’s stock in a transaction on Thursday, November 12th. The shares were bought at an average cost of $11.54 per share, for a total transaction of $698,920.10. Following the transaction, the insider directly owned 56,194,662 shares of the company’s stock, valued at approximately $648,486,399.48. This trade represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 28.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ABCL. Cantor Fitzgerald boosted their price target on AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. StoneX increased their price objective on AbCellera Biologics from $11.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group initiated coverage on AbCellera Biologics in a research note on Monday, October 12th. They issued a “buy” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on AbCellera Biologics in a research note on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 price objective on the stock. Finally, Stifel Nicolaus increased their price target on AbCellera Biologics from $9.00 to $14.00 and gave the company a “buy” rating in a report on Tuesday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.20.

Latest AbCellera Biologics News

Investors following ABCL have been watching these news items:

• Positive Sentiment: StoneX raised its price target to $15 from $11 and reiterated a Buy rating; Stifel Nicolaus also raised its target, although the reported article gives no new figure. These target increases may bolster investor confidence. StoneX rating and target Stifel target increase
• Positive Sentiment: Major shareholder Thermopylae Holdings bought 60,565 shares for about $699,000 at an average price of $11.54. The purchase is a favorable signal, though it increased the holder’s already large stake by just 0.11%. Major shareholder purchase
• Positive Sentiment: In its latest reported quarter, AbCellera posted a loss per share of $0.13, narrower than the $0.17 loss analysts expected, and revenue of $10.64 million versus an $8.42 million consensus estimate. Q3 results presentation

AbCellera Biologics Trading Down 1.1%

ABCL traded down $0.13 during midday trading on Friday, reaching $11.49. The company’s stock had a trading volume of 2,621,269 shares, compared to its average volume of 3,280,144. AbCellera Biologics Inc. has a twelve month low of $2.74 and a twelve month high of $15.02. The stock has a market cap of $3.75 billion, a P/E ratio of -23.94 and a beta of 1.59. The company has a fifty day simple moving average of $12.34 and a 200 day simple moving average of $7.23.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Monday, November 9th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.04. The company had revenue of $10.64 million during the quarter, compared to analysts’ expectations of $8.42 million. AbCellera Biologics had a negative return on equity of 15.35% and a negative net margin of 218.54%. During the same period in the prior year, the business earned ($0.19) earnings per share. Sell-side analysts expect that AbCellera Biologics Inc. will post -0.65 earnings per share for the current year.

About AbCellera Biologics

AbCellera Biologics Inc. is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease. The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.