AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up Following Strong Earnings

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.24, but opened at $4.82. AbCellera Biologics shares last traded at $4.07, with a volume of 5,775,444 shares.

The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative return on equity of 15.99% and a negative net margin of 511.88%. The company had revenue of $17.08 million for the quarter, compared to analyst estimates of $7.55 million.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Leerink Partners assumed coverage on AbCellera Biologics in a research report on Monday, July 7th. They set an “outperform” rating and a $5.00 price objective on the stock. KeyCorp increased their price objective on AbCellera Biologics from $5.00 to $10.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Truist Financial reduced their price objective on AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. Stifel Nicolaus reduced their price objective on AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Leerink Partnrs upgraded AbCellera Biologics to a “strong-buy” rating in a report on Monday, July 7th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $8.00.

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. Stratos Wealth Advisors LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter worth $27,000. Janney Montgomery Scott LLC purchased a new position in shares of AbCellera Biologics in the 1st quarter worth $29,000. AssuredPartners Investment Advisors LLC purchased a new position in shares of AbCellera Biologics in the 1st quarter worth $34,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of AbCellera Biologics in the 2nd quarter worth $35,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of AbCellera Biologics in the 4th quarter worth $40,000. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Trading Up 0.2%

The stock has a market capitalization of $1.27 billion, a PE ratio of -7.73 and a beta of 0.65. The stock has a 50 day moving average price of $3.81 and a 200-day moving average price of $2.97.

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.