AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up - Here's What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $2.95, but opened at $3.03. AbCellera Biologics shares last traded at $2.82, with a volume of 484,581 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Stifel Nicolaus reissued a "buy" rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Down 4.7 %

The stock's 50 day moving average price is $2.79 and its two-hundred day moving average price is $2.87. The firm has a market capitalization of $829.98 million, a price-to-earnings ratio of -4.61 and a beta of 0.41.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The firm had revenue of $6.51 million during the quarter, compared to analyst estimates of $8.95 million. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. During the same period in the previous year, the company earned ($0.10) earnings per share. On average, equities analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current fiscal year.

Institutional Trading of AbCellera Biologics

A number of institutional investors have recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI bought a new stake in shares of AbCellera Biologics during the 3rd quarter worth about $26,000. Evergreen Capital Management LLC acquired a new stake in AbCellera Biologics in the 2nd quarter worth approximately $32,000. NBC Securities Inc. boosted its position in AbCellera Biologics by 56.0% during the third quarter. NBC Securities Inc. now owns 11,420 shares of the company's stock worth $29,000 after purchasing an additional 4,100 shares during the period. Ballentine Partners LLC acquired a new position in AbCellera Biologics during the third quarter valued at approximately $54,000. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of AbCellera Biologics by 104.8% in the second quarter. B. Riley Wealth Advisors Inc. now owns 21,500 shares of the company's stock valued at $64,000 after purchasing an additional 11,000 shares during the period. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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.