Brokerages Set AbCellera Biologics Inc. (NASDAQ:ABCL) Price Target at $24.70

AbCellera Biologics Inc. (NASDAQ:ABCLGet Rating) has been assigned an average recommendation of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $29.60.

A number of analysts recently weighed in on ABCL shares. Piper Sandler decreased their price objective on AbCellera Biologics from $28.00 to $21.00 in a report on Wednesday. Zacks Investment Research downgraded AbCellera Biologics from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets reaffirmed a “buy” rating and set a $40.00 price target on shares of AbCellera Biologics in a research report on Wednesday. Credit Suisse Group increased their price target on AbCellera Biologics from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, February 25th. Finally, SVB Leerink dropped their target price on shares of AbCellera Biologics from $25.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, February 25th.

Shares of ABCL traded up $0.52 on Friday, reaching $7.23. 3,208,972 shares of the company’s stock were exchanged, compared to its average volume of 1,539,247. The business has a 50 day moving average price of $8.51 and a two-hundred day moving average price of $10.99. AbCellera Biologics has a 12 month low of $5.42 and a 12 month high of $36.05. The stock has a market capitalization of $2.06 billion, a P/E ratio of 11.30 and a beta of -0.27.

AbCellera Biologics (NASDAQ:ABCLGet Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.16. The company had revenue of $316.58 million for the quarter, compared to the consensus estimate of $208.96 million. The business’s revenue was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 earnings per share. As a group, equities analysts forecast that AbCellera Biologics will post 0.51 EPS for the current fiscal year.

In other news, Director John S. Montalbano purchased 20,000 shares of the business’s stock in a transaction dated Tuesday, March 1st. The stock was bought at an average price of $9.05 per share, for a total transaction of $181,000.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Veronique Lecault acquired 230,789 shares of the stock in a transaction that occurred on Monday, February 28th. The stock was purchased at an average price of $8.66 per share, for a total transaction of $1,998,632.74. The disclosure for this purchase can be found here. Insiders have bought a total of 260,789 shares of company stock valued at $2,265,033 over the last three months. Insiders own 45.80% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its holdings in AbCellera Biologics by 385.5% during the 1st quarter. Renaissance Technologies LLC now owns 2,617,603 shares of the company’s stock worth $25,522,000 after acquiring an additional 2,078,400 shares during the period. Brandywine Managers LLC increased its holdings in shares of AbCellera Biologics by 7.6% in the first quarter. Brandywine Managers LLC now owns 40,091 shares of the company’s stock worth $391,000 after purchasing an additional 2,827 shares during the period. Lazard Asset Management LLC increased its holdings in shares of AbCellera Biologics by 997.1% in the first quarter. Lazard Asset Management LLC now owns 3,189,837 shares of the company’s stock worth $31,100,000 after purchasing an additional 2,899,091 shares during the period. Worth Asset Management LLC purchased a new stake in shares of AbCellera Biologics in the first quarter worth $25,000. Finally, XTX Topco Ltd bought a new stake in AbCellera Biologics during the first quarter valued at $137,000. 39.58% of the stock is currently owned by institutional investors and hedge funds.

About AbCellera Biologics (Get Rating)

AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.

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Analyst Recommendations for AbCellera Biologics (NASDAQ:ABCL)

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