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

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) hit a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $5.00 to $10.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as high as $4.40 and last traded at $4.24, with a volume of 8060202 shares trading hands. The stock had previously closed at $4.01.

A number of other analysts have also recently weighed in on the stock. Leerink Partnrs raised shares of AbCellera Biologics to a “strong-buy” rating in a report on Monday, July 7th. Truist Financial reduced their price objective on shares of AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, May 16th. Finally, Leerink Partners assumed coverage on shares of AbCellera Biologics in a research report on Monday, July 7th. They set an “outperform” rating and a $5.00 price objective for the company. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.75.

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently modified their holdings of ABCL. Squarepoint Ops LLC lifted its holdings in shares of AbCellera Biologics by 333.1% during the fourth quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock valued at $169,000 after acquiring an additional 44,367 shares during the period. Millennium Management LLC increased its position in AbCellera Biologics by 96.7% in the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after purchasing an additional 728,828 shares during the period. Balyasny Asset Management L.P. acquired a new stake in AbCellera Biologics in the fourth quarter worth about $40,000. HighTower Advisors LLC grew its position in shares of AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company’s stock worth $208,000 after buying an additional 60,600 shares during the period. Finally, Guardian Partners Inc. acquired a new position in shares of AbCellera Biologics during the 4th quarter worth about $5,413,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -7.57 and a beta of 0.62. The company has a 50-day moving average price of $2.86 and a 200-day moving average price of $2.77.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping 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 firm had revenue of $4.24 million during the quarter, compared to the consensus estimate of $7.12 million. As a group, sell-side analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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.