AbCellera Biologics (NASDAQ:ABCL) Sees Strong Trading Volume – Still a Buy?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) saw an uptick in trading volume on Monday . 3,627,585 shares changed hands during mid-day trading, a decline of 35% from the previous session’s volume of 5,606,479 shares.The stock last traded at $8.2810 and had previously closed at $7.38.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABCL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AbCellera Biologics in a research report on Monday, April 20th. Cantor Fitzgerald initiated coverage on AbCellera Biologics in a research report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target on the stock. JonesTrading began coverage on AbCellera Biologics in a research note on Friday, April 10th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Wall Street Zen downgraded AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, AbCellera Biologics has an average rating of “Moderate Buy” and an average target price of $7.80.

AbCellera Biologics Stock Up 7.5%

The business’s 50 day moving average is $5.07 and its 200 day moving average is $4.11. The company has a market cap of $2.42 billion, a P/E ratio of -16.57 and a beta of 1.17.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Monday, May 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.08. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.The business had revenue of $8.31 million for the quarter, compared to analysts’ expectations of $5.41 million. During the same quarter last year, the firm earned ($0.15) EPS. As a group, equities research analysts forecast that AbCellera Biologics Inc. will post -0.67 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AssuredPartners Investment Advisors LLC purchased a new stake in shares of AbCellera Biologics during the fourth quarter valued at about $34,000. Engineers Gate Manager LP purchased a new position in shares of AbCellera Biologics in the 4th quarter worth approximately $38,000. Allworth Financial LP grew its position in shares of AbCellera Biologics by 857.0% in the 4th quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock worth $39,000 after buying an additional 10,096 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in shares of AbCellera Biologics during the 1st quarter worth approximately $46,000. Finally, Magnetar Financial LLC bought a new position in shares of AbCellera Biologics during the 4th quarter worth approximately $49,000. Hedge funds and other 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.