AbCellera Biologics (NASDAQ:ABCL) Sees Large Volume Increase

AbCellera Biologics Inc. (NASDAQ:ABCL) saw strong trading volume on Friday . 531,043 shares traded hands during mid-day trading, a decline of 64% from the previous session’s volume of 1,478,733 shares.The stock last traded at $2.98 and had previously closed at $2.88.

Analysts Set New Price Targets

Separately, KeyCorp decreased their price objective on AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $16.17.

AbCellera Biologics Stock Up 2.8 %

The company has a market cap of $870.39 million, a price-to-earnings ratio of -5.69 and a beta of 0.45. The firm has a 50-day simple moving average of $3.62 and a 200 day simple moving average of $4.55.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. AbCellera Biologics had a negative return on equity of 12.61% and a negative net margin of 410.47%. The company had revenue of $9.95 million for the quarter, compared to the consensus estimate of $10.73 million. During the same period last year, the business posted ($0.14) EPS. The company’s revenue was down 18.4% on a year-over-year basis. As a group, research analysts expect that AbCellera Biologics Inc. will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP grew its stake in shares of AbCellera Biologics by 20.1% in the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock valued at $124,691,000 after purchasing an additional 4,615,887 shares during the last quarter. Intellectus Partners LLC boosted its stake in shares of AbCellera Biologics by 1.2% in the fourth quarter. Intellectus Partners LLC now owns 887,283 shares of the company’s stock valued at $5,066,000 after buying an additional 10,650 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of AbCellera Biologics by 143.1% in the third quarter. Schonfeld Strategic Advisors LLC now owns 358,400 shares of the company’s stock valued at $1,649,000 after buying an additional 211,000 shares in the last quarter. Trexquant Investment LP boosted its stake in shares of AbCellera Biologics by 458.5% in the third quarter. Trexquant Investment LP now owns 272,158 shares of the company’s stock valued at $1,252,000 after buying an additional 223,430 shares in the last quarter. Finally, Graham Capital Management L.P. boosted its stake in shares of AbCellera Biologics by 149.4% in the third quarter. Graham Capital Management L.P. now owns 180,389 shares of the company’s stock valued at $830,000 after buying an additional 108,060 shares in the last quarter. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.