AbCellera Biologics (NASDAQ:ABCL) Hits New 52-Week High – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price hit a new 52-week high on Thursday . The company traded as high as $5.97 and last traded at $5.96, with a volume of 12702448 shares traded. The stock had previously closed at $5.03.

Analyst Ratings Changes

ABCL has been the subject of a number of research analyst reports. Leerink Partnrs raised shares of AbCellera Biologics to a “strong-buy” rating in a research note on Monday, July 7th. Leerink Partners initiated coverage on shares of AbCellera Biologics in a research note on Monday, July 7th. They issued an “outperform” rating and a $5.00 price target for the company. Stifel Nicolaus reduced their price target on shares of AbCellera Biologics from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 8th. KeyCorp upped their price target on shares of AbCellera Biologics from $5.00 to $10.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Finally, Wall Street Zen raised shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $8.00.

AbCellera Biologics Trading Up 18.5%

The business’s fifty day moving average is $4.50 and its 200 day moving average is $3.37. The firm has a market capitalization of $1.78 billion, a P/E ratio of -10.84 and a beta of 0.69.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. The business had revenue of $17.08 million for the quarter, compared to the consensus estimate of $7.55 million. As a group, sell-side analysts predict that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently made changes to their positions in the company. Stratos Wealth Advisors LLC acquired a new stake in shares of AbCellera Biologics during the first quarter valued at approximately $27,000. Janney Montgomery Scott LLC acquired a new stake in shares of AbCellera Biologics during the first quarter valued at approximately $29,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of AbCellera Biologics during the first quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of AbCellera Biologics during the second quarter valued at approximately $35,000. Finally, J2 Capital Management Inc acquired a new stake in shares of AbCellera Biologics during the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

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.