AbCellera Biologics Inc. (NASDAQ:ABCL) Receives $14.20 Average Price Target from Brokerages

AbCellera Biologics Inc. (NASDAQ:ABCL) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $14.20.

A number of brokerages recently issued reports on ABCL. KeyCorp restated an “overweight” rating and issued a $5.00 price objective (down from $7.00) on shares of AbCellera Biologics in a research note on Thursday, July 11th. Benchmark downgraded shares of AbCellera Biologics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 20th.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. Baker BROS. Advisors LP increased its holdings in AbCellera Biologics by 20.1% during the 1st quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after acquiring an additional 4,615,887 shares during the period. Citizens Financial Group Inc. RI purchased a new position in shares of AbCellera Biologics during the 2nd quarter valued at $923,000. Renaissance Technologies LLC increased its holdings in shares of AbCellera Biologics by 16.0% in the second quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company’s stock worth $5,117,000 after purchasing an additional 239,000 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in shares of AbCellera Biologics by 104.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company’s stock worth $913,000 after buying an additional 158,000 shares in the last quarter. Finally, Pier 88 Investment Partners LLC boosted its stake in AbCellera Biologics by 362.0% during the second quarter. Pier 88 Investment Partners LLC now owns 161,620 shares of the company’s stock valued at $478,000 after buying an additional 126,640 shares during the period. 61.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Stock Down 3.6 %

Shares of ABCL stock opened at $2.43 on Tuesday. The firm has a market cap of $714.55 million, a P/E ratio of -4.67 and a beta of 0.37. The company has a 50 day moving average of $2.83 and a 200-day moving average of $3.67. AbCellera Biologics has a 12-month low of $2.40 and a 12-month high of $6.05.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. AbCellera Biologics had a negative return on equity of 13.40% and a negative net margin of 463.77%. The business had revenue of $7.30 million during the quarter, compared to the consensus estimate of $10.12 million. During the same period last year, the business posted ($0.11) earnings per share. The business’s revenue for the quarter was down 27.7% on a year-over-year basis. As a group, equities analysts expect that AbCellera Biologics will post -0.55 EPS for the current year.

AbCellera Biologics Company Profile

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.