Cantor Fitzgerald Begins Coverage on AbCellera Biologics (NASDAQ:ABCL)

Cantor Fitzgerald started coverage on shares of AbCellera Biologics (NASDAQ:ABCL) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “overweight” rating and a $7.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 52.51% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Wall Street Zen upgraded AbCellera Biologics from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. JonesTrading began coverage on shares of AbCellera Biologics in a research report on Friday, April 10th. They issued a “buy” rating and a $11.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $8.17.

AbCellera Biologics Trading Up 3.6%

ABCL opened at $4.59 on Tuesday. The company has a fifty day simple moving average of $3.60 and a 200 day simple moving average of $3.86. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -9.37 and a beta of 1.02. AbCellera Biologics has a twelve month low of $1.94 and a twelve month high of $6.51.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.15. AbCellera Biologics had a negative return on equity of 15.05% and a negative net margin of 198.37%.The business had revenue of $44.85 million for the quarter, compared to analysts’ expectations of $6.31 million. On average, analysts forecast that AbCellera Biologics will post -0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors have recently modified their holdings of the company. State of Michigan Retirement System increased its stake in shares of AbCellera Biologics by 712.6% in the third quarter. State of Michigan Retirement System now owns 400,000 shares of the company’s stock worth $2,012,000 after purchasing an additional 350,775 shares during the period. Citizens Financial Group Inc. RI acquired a new position in AbCellera Biologics in the third quarter valued at about $1,317,000. DNB Asset Management AS acquired a new position in shares of AbCellera Biologics in the 3rd quarter worth approximately $3,301,000. Tudor Investment Corp ET AL bought a new stake in shares of AbCellera Biologics during the third quarter worth $3,673,000. Finally, MOR Wealth Management LLC bought a new stake in AbCellera Biologics during the 4th quarter worth about $113,000. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.