AbCellera Biologics (NASDAQ:ABCL) Shares Up 18.8% - Here's What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) rose 18.8% during trading on Wednesday . The stock traded as high as $3.40 and last traded at $3.64. Approximately 553,719 shares changed hands during trading, a decline of 83% from the average daily volume of 3,342,396 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

ABCL has been the topic of several recent research reports. Stifel Nicolaus reaffirmed a "buy" rating and set a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Finally, KeyCorp dropped their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th.

AbCellera Biologics Price Performance

The stock has a market capitalization of $1.03 billion, a PE ratio of -5.70 and a beta of 0.40. The firm's 50 day simple moving average is $2.94 and its 200 day simple moving average is $2.82.

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

Institutional Investors Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Arcadia Investment Management Corp MI bought a new position in shares of AbCellera Biologics during the 3rd quarter valued at approximately $26,000. NBC Securities Inc. increased its stake in shares of AbCellera Biologics by 56.0% during the third quarter. NBC Securities Inc. now owns 11,420 shares of the company's stock valued at $29,000 after buying an additional 4,100 shares during the period. Evergreen Capital Management LLC purchased a new position in AbCellera Biologics in the second quarter valued at about $32,000. Ballentine Partners LLC purchased a new position in AbCellera Biologics in the third quarter valued at about $54,000. Finally, Clarkston Capital Partners LLC purchased a new position in AbCellera Biologics in the third quarter valued at about $57,000. 61.42% of the stock is 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.