AbCellera Biologics (NASDAQ:ABCL) Shares Break Above Fifty Day Moving Average – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $12.30 and traded as high as $12.74. AbCellera Biologics shares last traded at $12.50, with a volume of 2,945,557 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ABCL. The Goldman Sachs Group started coverage on AbCellera Biologics in a report on Thursday, September 24th. They set a “neutral” rating and a $13.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of AbCellera Biologics in a report on Thursday, October 15th. Stifel Nicolaus increased their price target on shares of AbCellera Biologics from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. began coverage on shares of AbCellera Biologics in a research note on Tuesday, September 29th. They issued an “overweight” rating and a $17.00 target price on the stock. Finally, Wall Street Zen upgraded shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a report on Saturday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AbCellera Biologics presently has an average rating of “Moderate Buy” and an average target price of $16.33.

AbCellera Biologics Stock Performance

The company has a 50-day simple moving average of $12.33 and a 200-day simple moving average of $7.16. The stock has a market cap of $3.66 billion, a P/E ratio of -24.90 and a beta of 1.59.

AbCellera Biologics (NASDAQ:ABCL) last issued its quarterly earnings data on Monday, November 9th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. AbCellera Biologics had a negative net margin of 218.54% and a negative return on equity of 15.35%. The firm had revenue of $10.64 million for the quarter, compared to analyst estimates of $8.41 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. As a group, sell-side analysts expect that AbCellera Biologics Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Blume Capital Management Inc. boosted its position in shares of AbCellera Biologics by 22.7% in the 3rd quarter. Blume Capital Management Inc. now owns 5,501 shares of the company’s stock worth $80,000 after purchasing an additional 1,017 shares during the last quarter. AssuredPartners Investment Advisors LLC bought a new position in AbCellera Biologics during the 2nd quarter worth about $80,000. ProShare Advisors LLC grew its stake in shares of AbCellera Biologics by 12.2% during the 3rd quarter. ProShare Advisors LLC now owns 11,235 shares of the company’s stock worth $164,000 after acquiring an additional 1,224 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of AbCellera Biologics in the second quarter valued at about $91,000. Finally, Janney Montgomery Scott LLC acquired a new stake in AbCellera Biologics in the first quarter valued at $46,000. Institutional investors own 61.42% of the company’s stock.

About AbCellera Biologics

AbCellera Biologics Inc. is a biotechnology company headquartered in Vancouver, Canada. It discovers and develops antibody-based medicines, using laboratory and computational tools to identify and optimize antibodies that may be developed into treatments for disease. The company works with pharmaceutical and biotechnology partners on antibody discovery and drug development, while also advancing a portfolio of its own therapeutic candidates. Its work spans early-stage research through preclinical and clinical development, with programs focused on areas including cancer and immune-related diseases.