AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 5.7% – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price shot up 5.7% during mid-day trading on Wednesday . The stock traded as high as $3.02 and last traded at $2.99. 792,233 shares were traded during trading, a decline of 53% from the average session volume of 1,695,108 shares. The stock had previously closed at $2.83.

Wall Street Analysts Forecast Growth

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

AbCellera Biologics Price Performance

The business’s 50 day simple moving average is $2.70 and its 200-day simple moving average is $2.93. The stock has a market capitalization of $886.10 million, a P/E ratio of -4.92 and a beta of 0.35.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The company had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. During the same quarter in the prior year, the business earned ($0.10) earnings per share. 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

Several institutional investors have recently modified their holdings of ABCL. State Board of Administration of Florida Retirement System bought a new position in AbCellera Biologics during the 1st quarter worth approximately $239,000. Intellectus Partners LLC grew its holdings in shares of AbCellera Biologics by 0.7% in the 2nd quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock valued at $1,615,000 after buying an additional 3,750 shares during the period. Signature Estate & Investment Advisors LLC bought a new stake in shares of AbCellera Biologics in the 2nd quarter valued at $117,000. Pier 88 Investment Partners LLC raised its stake in AbCellera Biologics by 362.0% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 161,620 shares of the company’s stock worth $478,000 after buying an additional 126,640 shares during the period. Finally, Headlands Technologies LLC bought a new position in AbCellera Biologics during the second quarter worth about $146,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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.