AbCellera Biologics (NASDAQ:ABCL) Raised to “Buy” at Zacks Investment Research

AbCellera Biologics (NASDAQ:ABCLGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, Zacks.com reports. The firm presently has a $8.50 price target on the stock. Zacks Investment Research‘s target price points to a potential upside of 5.20% from the stock’s previous close.

According to Zacks, “AbCellera Biologics Inc. is a technology company which searches, decodes and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera Biologics Inc. is based in Vancouver, Canada. “

Other analysts have also recently issued reports about the company. Credit Suisse Group boosted their price objective on AbCellera Biologics from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, February 25th. Piper Sandler reduced their price target on AbCellera Biologics from $33.00 to $28.00 in a research report on Friday, February 25th. Finally, SVB Leerink dropped their price objective on AbCellera Biologics from $25.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, February 25th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, AbCellera Biologics currently has an average rating of “Buy” and an average price target of $24.70.

ABCL traded up $0.41 during trading on Monday, reaching $8.08. 55,003 shares of the company’s stock were exchanged, compared to its average volume of 1,881,926. AbCellera Biologics has a fifty-two week low of $7.29 and a fifty-two week high of $36.05. The business has a 50 day moving average price of $8.81 and a 200 day moving average price of $11.56. The company has a market capitalization of $2.29 billion, a P/E ratio of 17.19 and a beta of -1.13.

AbCellera Biologics (NASDAQ:ABCLGet Rating) last posted its quarterly earnings results on Thursday, February 24th. The company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.02). The business had revenue of $139.30 million for the quarter, compared to analysts’ expectations of $122.05 million. During the same quarter in the prior year, the company earned $0.37 EPS. AbCellera Biologics’s quarterly revenue was down 33.0% on a year-over-year basis. Sell-side analysts anticipate that AbCellera Biologics will post 0.46 earnings per share for the current fiscal year.

In other news, COO Veronique Lecault acquired 230,789 shares of the business’s stock in a transaction on Monday, February 28th. The shares were purchased at an average cost of $8.66 per share, with a total value of $1,998,632.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John S. Montalbano purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The stock was bought at an average cost of $8.54 per share, for a total transaction of $85,400.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 260,789 shares of company stock worth $2,265,033. 45.80% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Spire Wealth Management purchased a new position in shares of AbCellera Biologics in the 4th quarter worth about $29,000. Evoke Wealth LLC boosted its holdings in shares of AbCellera Biologics by 280.3% in the 3rd quarter. Evoke Wealth LLC now owns 2,985 shares of the company’s stock worth $59,000 after buying an additional 2,200 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of AbCellera Biologics by 67.9% in the 4th quarter. Bank of America Corp DE now owns 4,108 shares of the company’s stock worth $59,000 after buying an additional 1,661 shares during the last quarter. Eagle Bay Advisors LLC boosted its holdings in shares of AbCellera Biologics by 72.2% in the 3rd quarter. Eagle Bay Advisors LLC now owns 3,100 shares of the company’s stock worth $62,000 after buying an additional 1,300 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of AbCellera Biologics in the 1st quarter worth about $113,000. 39.58% of the stock is currently owned by institutional investors.

AbCellera Biologics Company Profile (Get Rating)

AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.

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