AbCellera Biologics (NASDAQ:ABCL) Sees Large Volume Increase – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) saw unusually-high trading volume on Monday . Approximately 1,698,522 shares traded hands during trading, an increase of 4% from the previous session’s volume of 1,638,096 shares.The stock last traded at $3.07 and had previously closed at $2.70.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reissued a “buy” rating and set a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Trading Down 6.0 %

The company has a fifty day moving average of $2.66 and a 200 day moving average of $3.01.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The company had revenue of $6.51 million during the quarter, compared to analyst estimates of $8.95 million. During the same quarter in the prior year, the company posted ($0.10) EPS. On average, analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arcadia Investment Management Corp MI bought a new stake in shares of AbCellera Biologics during the third quarter worth $26,000. Evergreen Capital Management LLC acquired a new stake in shares of AbCellera Biologics in the 2nd quarter valued at about $32,000. NBC Securities Inc. lifted its stake in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock valued at $29,000 after acquiring an additional 4,100 shares in the last quarter. Ballentine Partners LLC acquired a new position in AbCellera Biologics during the third quarter worth $54,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of AbCellera Biologics by 104.8% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock valued at $64,000 after acquiring an additional 11,000 shares in the last quarter. 61.42% of the stock is 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.