KeyCorp Forecasts Strong Price Appreciation for AbCellera Biologics (NASDAQ:ABCL) Stock

AbCellera Biologics (NASDAQ:ABCL) had its target price increased by stock analysts at KeyCorp from $5.00 to $10.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 153.81% from the stock’s previous close.

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

AbCellera Biologics Stock Performance

Shares of ABCL opened at $3.94 on Monday. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -7.04 and a beta of 0.62. AbCellera Biologics has a fifty-two week low of $1.89 and a fifty-two week high of $4.46. The firm has a 50 day moving average price of $2.90 and a 200-day moving average price of $2.78.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $7.12 million. As a group, equities research analysts predict that AbCellera Biologics will post -0.59 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC increased its holdings in AbCellera Biologics by 333.1% in the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock worth $169,000 after acquiring an additional 44,367 shares in the last quarter. Millennium Management LLC increased its holdings in AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after acquiring an additional 728,828 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in AbCellera Biologics in the 4th quarter worth approximately $40,000. HighTower Advisors LLC grew its holdings in AbCellera Biologics by 577.9% during the 4th quarter. HighTower Advisors LLC now owns 71,086 shares of the company’s stock valued at $208,000 after buying an additional 60,600 shares in the last quarter. Finally, Guardian Partners Inc. purchased a new stake in AbCellera Biologics during the 4th quarter valued at approximately $5,413,000. Institutional investors 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.