AbCellera Biologics (NASDAQ:ABCL) Shares Up 8.9% on Analyst Upgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) rose 8.9% during trading on Monday after KeyCorp raised their price target on the stock from $5.00 to $10.00. KeyCorp currently has an overweight rating on the stock. AbCellera Biologics traded as high as $4.27 and last traded at $4.37. Approximately 2,342,234 shares were traded during trading, a decline of 33% from the average daily volume of 3,494,327 shares. The stock had previously closed at $4.01.

ABCL has been the subject of a number of other reports. Leerink Partners initiated coverage on shares of AbCellera Biologics in a research report on Monday, July 7th. They issued an “outperform” rating and a $5.00 price objective for the company. Leerink Partnrs raised AbCellera Biologics to a “strong-buy” rating in a report on Monday, July 7th. Finally, Truist Financial lowered their price objective on AbCellera Biologics from $28.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $8.75.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors have recently modified their holdings of ABCL. DKM Wealth Management Inc. bought a new stake in AbCellera Biologics in the fourth quarter valued at about $29,000. Stratos Wealth Advisors LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter valued at approximately $27,000. Janney Montgomery Scott LLC acquired a new stake in shares of AbCellera Biologics during the 1st quarter valued at approximately $29,000. Balyasny Asset Management L.P. bought a new position in AbCellera Biologics during the fourth quarter worth $40,000. Finally, Mariner LLC acquired a new position in AbCellera Biologics in the fourth quarter worth $42,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Down 7.1%

The stock has a market cap of $1.18 billion, a P/E ratio of -7.04 and a beta of 0.62. The firm’s 50 day simple moving average is $2.90 and its two-hundred day simple moving average is $2.78.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 737.56% and a negative return on equity of 15.98%. The firm had revenue of $4.24 million for the quarter, compared to analyst estimates of $7.12 million. As a group, equities analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

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.