AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 10.5% - Here's Why

AbCellera Biologics Inc. (NASDAQ:ABCL) experienced a notable rise in its stock price, increasing by 10.5% on Wednesday. The shares traded as high as $3.09 before settling at $3.06. During this trading period, about 840,799 shares changed hands, which reflects a significant decline of 76% compared to the average trading volume of 3,444,538 shares. The stock had closed at $2.77 just a day earlier.

Recent Analyst Ratings

Recently, several research analysts have weighed in on AbCellera Biologics. Stifel Nicolaus has maintained a "buy" rating but has adjusted its target price for the stock down from $14.00 to $12.00 as of November 5th. In contrast, KeyCorp reduced its price target from $5.00 to $4.00 while also rating the stock as "overweight" as of January 8th. Similarly, Benchmark restated a "hold" rating for the company.

Stock Performance Overview

The stock's 50-day moving average stands at $2.91, and its 200-day moving average is at $2.80. The latest earnings announcement for AbCellera Biologics came on November 4th, where the company reported an earnings per share (EPS) loss of ($0.17), falling short of analysts' consensus estimate of ($0.14) by ($0.03). The revenue for the quarter was $6.51 million, which was below the analysts' expectation of $8.95 million. AbCellera reported a significant negative net margin of 533.32% and a negative return on equity of 15.73%. In the same quarter the previous year, EPS was ($0.10). Analysts predict that for the current fiscal year, the EPS will be -0.59.

Institutional Investor Activity

Several hedge funds and institutional investors have recently adjusted their holdings in AbCellera Biologics. Arcadia Investment Management acquired a new stake estimated at approximately $26,000. NBC Securities notably increased its position by 56.0% in the third quarter, holding 11,420 shares valued around $29,000 after buying an additional 4,100 shares. Evergreen Capital Management also took a new stake in the company worth about $32,000, while Ballentine Partners LLC purchased a new stake valued at approximately $54,000. Moreover, Clarkston Capital Partners LLC acquired a new position worth $57,000 in the same period. Currently, institutional investors hold approximately 61.42% of AbCellera's stock.

Company Profile

AbCellera Biologics Inc. specializes in developing an engine for discovering and advancing antibody drugs. Its platform identifies antibodies derived from natural immune reactions, focusing on pre-enriched antibodies. Among its preclinical products are ABCL635 for metabolic and endocrine treatments and ABCL575 targeting atopic dermatitis.

Investment Considerations

Before making any investment decisions regarding AbCellera Biologics, it's crucial for potential investors to consider various factors. Although the stock enjoys a "Moderate Buy" rating from analysts, experts have identified other stocks they believe may have more potential. It's always prudent to conduct thorough research or consult with financial advisors when considering stock investments.

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