AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up to $2.82

AbCellera Biologics Inc. (NASDAQ:ABCLGet Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.82, but opened at $2.90. AbCellera Biologics shares last traded at $2.87, with a volume of 274,028 shares traded.

Wall Street Analysts Forecast Growth

Separately, KeyCorp decreased their target price on shares of AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AbCellera Biologics currently has an average rating of “Buy” and a consensus target price of $16.17.

Read Our Latest Research Report on AbCellera Biologics

AbCellera Biologics Stock Down 0.7 %

The company’s 50-day moving average is $3.47 and its 200 day moving average is $4.41. The company has a market cap of $823.34 million, a price-to-earnings ratio of -5.38 and a beta of 0.39.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. purchased a new position in AbCellera Biologics during the third quarter worth about $48,000. GSA Capital Partners LLP raised its holdings in AbCellera Biologics by 1,268.1% in the 3rd quarter. GSA Capital Partners LLP now owns 146,190 shares of the company’s stock valued at $672,000 after buying an additional 135,504 shares during the period. Principal Financial Group Inc. lifted its position in AbCellera Biologics by 19.6% in the fourth quarter. Principal Financial Group Inc. now owns 111,188 shares of the company’s stock valued at $635,000 after buying an additional 18,217 shares during the last quarter. Signaturefd LLC boosted its stake in AbCellera Biologics by 306.3% during the fourth quarter. Signaturefd LLC now owns 10,596 shares of the company’s stock worth $61,000 after buying an additional 7,988 shares during the period. Finally, Graham Capital Management L.P. increased its position in shares of AbCellera Biologics by 149.4% during the third quarter. Graham Capital Management L.P. now owns 180,389 shares of the company’s stock valued at $830,000 after acquiring an additional 108,060 shares during the last quarter. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

(Get Free Report)

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.

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