AbCellera Biologics (NASDAQ:ABCL) Trading 18.8% Higher – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares shot up 18.8% during mid-day trading on Wednesday . The stock traded as high as $3.40 and last traded at $3.64. 553,719 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 3,342,396 shares. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

ABCL has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. KeyCorp lowered their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Up 17.2 %

The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -5.89 and a beta of 0.40. The stock’s 50 day moving average is $2.92 and its 200 day moving average is $2.81.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The business had revenue of $6.51 million during the quarter, compared to analyst estimates 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 in the previous year, the firm posted ($0.10) earnings per share. On average, equities research analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently made changes to their positions in ABCL. Walleye Capital LLC bought a new position in AbCellera Biologics in the third quarter valued at approximately $668,000. Renaissance Technologies LLC raised its holdings in shares of AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after buying an additional 239,000 shares in the last quarter. GSA Capital Partners LLP boosted its stake in AbCellera Biologics by 991.3% in the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after buying an additional 219,703 shares in the last quarter. State Street Corp raised its stake in AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after acquiring an additional 4,679 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its position in AbCellera Biologics by 104.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after acquiring an additional 158,000 shares during the last quarter. 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.