AbCellera Biologics (NASDAQ:ABCL) Sees Unusually-High Trading Volume

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) saw unusually-high trading volume on Friday . Approximately 531,043 shares changed hands during trading, a decline of 64% from the previous session’s volume of 1,478,733 shares.The stock last traded at $2.98 and had previously closed at $2.88.

Analyst Ratings Changes

Separately, KeyCorp reduced their price objective on AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, AbCellera Biologics has a consensus rating of “Buy” and a consensus target price of $16.17.

AbCellera Biologics Trading Up 2.4 %

The business has a 50-day moving average of $3.64 and a 200-day moving average of $4.56.

AbCellera Biologics (NASDAQ:ABCL) last posted its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The company had revenue of $9.95 million for the quarter, compared to analyst estimates of $10.73 million. During the same period last year, the company earned ($0.14) earnings per share. The business’s revenue was down 18.4% compared to the same quarter last year. Equities analysts forecast that AbCellera Biologics Inc. will post -0.6 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. bought a new position in AbCellera Biologics during the third quarter valued at about $48,000. GSA Capital Partners LLP increased its stake in shares of AbCellera Biologics by 1,268.1% in the third quarter. GSA Capital Partners LLP now owns 146,190 shares of the company’s stock worth $672,000 after purchasing an additional 135,504 shares during the period. Trexquant Investment LP increased its stake in shares of AbCellera Biologics by 458.5% in the third quarter. Trexquant Investment LP now owns 272,158 shares of the company’s stock worth $1,252,000 after purchasing an additional 223,430 shares during the period. Schonfeld Strategic Advisors LLC increased its stake in shares of AbCellera Biologics by 143.1% in the third quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock worth $1,649,000 after purchasing an additional 211,000 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of AbCellera Biologics by 19.6% in the fourth quarter. Principal Financial Group Inc. now owns 111,188 shares of the company’s stock worth $635,000 after purchasing an additional 18,217 shares during the period. 61.42% of the stock is currently owned by institutional investors.

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.