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.

Analysts Set New Price Targets

ABCL has been the topic of several research analyst reports. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

AbCellera Biologics Stock Performance

The company has a 50 day moving average of $2.79 and a 200 day moving average of $2.86. The stock has a market capitalization of $829.98 million, a price-to-earnings ratio of -4.61 and a beta of 0.41.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The business had revenue of $6.51 million for the quarter, compared to analysts’ expectations of $8.95 million. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. During the same period in the previous year, the company earned ($0.10) EPS. On average, equities analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC raised its holdings in shares of AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after acquiring an additional 239,000 shares during the period. State Street Corp boosted its holdings in AbCellera Biologics by 1.5% in the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after purchasing an additional 4,679 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in AbCellera Biologics in the 2nd quarter valued at about $923,000. Skandinaviska Enskilda Banken AB publ grew its stake in shares of AbCellera Biologics by 104.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock valued at $913,000 after buying an additional 158,000 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of AbCellera Biologics during the 3rd quarter worth approximately $668,000. 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.