AbCellera Biologics (NASDAQ:ABCL) Price Target Raised to $10.00 at KeyCorp

AbCellera Biologics (NASDAQ:ABCL) had its price target raised by KeyCorp from $5.00 to $10.00 in a research report sent to investors on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Several other research analysts have also commented on ABCL. Leerink Partnrs raised AbCellera Biologics to a “strong-buy” rating in a research report on Monday, July 7th. Leerink Partners began coverage on AbCellera Biologics in a research note on Monday, July 7th. They issued an “outperform” rating and a $5.00 target price on the stock. Finally, Truist Financial lowered their target price on AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $8.75.

AbCellera Biologics Price Performance

Shares of AbCellera Biologics stock opened at $4.24 on Monday. The business has a 50-day moving average of $2.86 and a 200 day moving average of $2.77. AbCellera Biologics has a 12 month low of $1.89 and a 12 month high of $4.40. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -7.57 and a beta of 0.62.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.98% and a negative net margin of 737.56%. The company had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. Equities research analysts anticipate that AbCellera Biologics will post -0.59 earnings per share for the current year.

Institutional Investors Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. DKM Wealth Management Inc. acquired a new stake in AbCellera Biologics during the fourth quarter worth about $29,000. Stratos Wealth Advisors LLC purchased a new position in AbCellera Biologics in the 1st quarter worth approximately $27,000. Janney Montgomery Scott LLC purchased a new position in AbCellera Biologics in the 1st quarter worth approximately $29,000. Balyasny Asset Management L.P. purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $40,000. Finally, Mariner LLC purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $42,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

About AbCellera Biologics

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.