AbCellera Biologics (NASDAQ:ABCL) Trading 7.2% Higher – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) shares were up 7.2% during trading on Thursday . The stock traded as high as $3.14 and last traded at $3.14. Approximately 570,329 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,788,647 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ABCL shares. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reiterated a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The firm has a market cap of $924.50 million, a P/E ratio of -5.13 and a beta of 0.41. The company’s 50 day moving average is $2.87 and its 200 day moving average is $2.79.

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

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. Pier 88 Investment Partners LLC lifted its stake in shares of AbCellera Biologics by 362.0% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 161,620 shares of the company’s stock valued at $478,000 after buying an additional 126,640 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of AbCellera Biologics during the 2nd quarter valued at about $146,000. Citizens Financial Group Inc. RI purchased a new position in shares of AbCellera Biologics during the 2nd quarter valued at about $923,000. Renaissance Technologies LLC lifted its position in AbCellera Biologics by 16.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after buying an additional 239,000 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in AbCellera Biologics in the second quarter worth approximately $99,000. 61.42% of the stock is owned by hedge funds and other 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.