AbCellera Biologics (NASDAQ:ABCL) Sets New 52-Week High Following Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price hit a new 52-week high on Tuesday after Benchmark upgraded the stock from a hold rating to a buy rating. Benchmark now has a $11.00 price target on the stock. AbCellera Biologics traded as high as $8.44 and last traded at $7.8160, with a volume of 1343694 shares changing hands. The stock had previously closed at $7.87.

Several other research firms have also issued reports on ABCL. Wall Street Zen lowered AbCellera Biologics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Cantor Fitzgerald started coverage on AbCellera Biologics in a report on Tuesday, May 5th. They issued an “overweight” rating and a $7.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. Finally, JonesTrading started coverage on shares of AbCellera Biologics in a report on Friday, April 10th. They issued a “buy” rating and a $11.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.33.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AssuredPartners Investment Advisors LLC purchased a new stake in AbCellera Biologics during the 4th quarter valued at about $34,000. Engineers Gate Manager LP acquired a new stake in AbCellera Biologics during the 4th quarter valued at approximately $38,000. Allworth Financial LP increased its stake in shares of AbCellera Biologics by 857.0% in the fourth quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock worth $39,000 after acquiring an additional 10,096 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of AbCellera Biologics during the first quarter worth $46,000. Finally, Magnetar Financial LLC acquired a new position in AbCellera Biologics during the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Trading Down 2.0%

The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -16.06 and a beta of 1.14. The firm has a 50-day simple moving average of $5.54 and a two-hundred day simple moving average of $4.29.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Monday, May 11th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.08. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.The firm had revenue of $8.31 million for the quarter, compared to analyst estimates of $5.41 million. During the same period last year, the company earned ($0.15) earnings per share. Equities research analysts anticipate that AbCellera Biologics Inc. will post -0.67 EPS for the current year.

About AbCellera Biologics

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.