AbCellera Biologics (NASDAQ:ABCL) Reaches New 1-Year High – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $13.18 and last traded at $12.73, with a volume of 8027661 shares traded. The stock had previously closed at $11.67.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ABCL. Benchmark raised shares of AbCellera Biologics from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Tuesday, July 7th. Stifel Nicolaus lifted their price target on AbCellera Biologics from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Cantor Fitzgerald upped their price objective on AbCellera Biologics from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Truist Financial upped their price objective on AbCellera Biologics from $12.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AbCellera Biologics has a consensus rating of “Moderate Buy” and a consensus price target of $12.83.

AbCellera Biologics Trading Down 0.8%

The firm’s 50 day simple moving average is $9.20 and its 200-day simple moving average is $6.33. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of -23.39 and a beta of 1.32.

AbCellera Biologics (NASDAQ:ABCL) last posted 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 business 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%. As a group, equities research analysts predict that AbCellera Biologics Inc. will post -0.68 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ABCL. Bank of America Corp DE bought a new stake in shares of AbCellera Biologics during the 2nd quarter worth approximately $48,211,000. BlackRock Inc. acquired a new position in AbCellera Biologics during the second quarter worth $29,872,000. Headlands Technologies LLC increased its holdings in AbCellera Biologics by 34.8% during the second quarter. Headlands Technologies LLC now owns 246,252 shares of the company’s stock worth $1,933,000 after buying an additional 63,596 shares during 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 stake in AbCellera Biologics during the second quarter worth $1,663,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

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.