AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.95, but opened at $3.03. AbCellera Biologics shares last traded at $2.82, with a volume of 484,581 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on ABCL. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Stifel Nicolaus reissued a “buy” rating and issued a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Price Performance

The stock has a fifty day moving average of $2.79 and a 200 day moving average of $2.86. The stock has a market cap of $829.98 million, a price-to-earnings ratio of -4.61 and a beta of 0.41.

AbCellera Biologics (NASDAQ:ABCL) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The business had revenue of $6.51 million for the quarter, compared to analyst estimates of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. As a group, equities analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Trading of AbCellera Biologics

Several hedge funds and other institutional investors have recently bought and sold shares of ABCL. Arcadia Investment Management Corp MI acquired a new position in shares of AbCellera Biologics in the third quarter worth about $26,000. Evergreen Capital Management LLC purchased a new position in shares of AbCellera Biologics in the 2nd quarter valued at about $32,000. NBC Securities Inc. raised its holdings in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after purchasing an additional 4,100 shares during the period. Ballentine Partners LLC purchased a new position in AbCellera Biologics during the third quarter worth approximately $54,000. Finally, B. Riley Wealth Advisors Inc. boosted its position in AbCellera Biologics by 104.8% during the second quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company’s stock worth $64,000 after purchasing an additional 11,000 shares in the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.

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.