AbCellera Biologics (NASDAQ:ABCL) Trading 7.2% Higher – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price traded up 7.2% on Thursday . The stock traded as high as $3.14 and last traded at $3.14. 570,329 shares were traded during trading, a decline of 68% from the average session volume of 1,788,647 shares. The stock had previously closed at $2.93.

Analysts Set New Price Targets

Several analysts have recently issued reports on ABCL shares. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus restated a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Stock Up 7.2 %

The firm has a market cap of $927.45 million, a price-to-earnings ratio of -5.15 and a beta of 0.41. The firm has a fifty day moving average price of $2.85 and a 200-day moving average price of $2.79.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The business had revenue of $6.51 million during the quarter, compared to analysts’ expectations of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same quarter last year, the firm earned ($0.10) EPS. Equities research analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds have recently made changes to their positions in ABCL. Resolute Advisors LLC raised its position in shares of AbCellera Biologics by 7.0% in the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock worth $160,000 after buying an additional 4,050 shares during the period. NBC Securities Inc. lifted its stake in shares of AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after purchasing an additional 4,100 shares in the last quarter. State Street Corp grew its holdings in shares of AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after purchasing an additional 4,679 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in AbCellera Biologics during the 3rd quarter worth approximately $26,000. Finally, Evergreen Capital Management LLC acquired a new stake in AbCellera Biologics during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

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.