AbCellera Biologics (NASDAQ:ABCL) Sees Large Volume Increase

AbCellera Biologics Inc. (NASDAQ:ABCL) saw strong trading volume on Friday . 531,043 shares changed hands during trading, a decline of 64% from the previous session’s volume of 1,478,733 shares.The stock last traded at $2.98 and had previously closed at $2.88.

Analysts Set New Price Targets

Separately, KeyCorp dropped their price target on 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, the company currently has a consensus rating of “Buy” and an average target price of $16.17.

AbCellera Biologics Price Performance

The firm has a market cap of $870.39 million, a PE ratio of -5.69 and a beta of 0.45. The stock has a 50-day moving average price of $3.62 and a 200 day moving average price of $4.55.

AbCellera Biologics (NASDAQ:ABCL) last issued its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The firm had revenue of $9.95 million for the quarter, compared to analysts’ expectations of $10.73 million. During the same quarter last year, the firm earned ($0.14) earnings per share. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. As a group, equities research analysts anticipate that AbCellera Biologics Inc. will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABCL. Pacifica Partners Inc. lifted its stake in shares of AbCellera Biologics by 82.9% during the fourth quarter. Pacifica Partners Inc. now owns 4,820 shares of the company’s stock worth $28,000 after purchasing an additional 2,185 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of AbCellera Biologics during the third quarter valued at approximately $48,000. Signaturefd LLC grew its holdings in shares of AbCellera Biologics by 306.3% during the fourth quarter. Signaturefd LLC now owns 10,596 shares of the company’s stock valued at $61,000 after purchasing an additional 7,988 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of AbCellera Biologics during the fourth quarter valued at approximately $62,000. Finally, Seelaus Asset Management LLC bought a new position in shares of AbCellera Biologics during the first quarter valued at approximately $68,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

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.