AbCellera Biologics (NASDAQ:ABCL) Trading 10.5% Higher - Here's What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) rose 10.5% during mid-day trading on Wednesday . The stock traded as high as $3.09 and last traded at $3.06. Approximately 840,799 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,444,538 shares. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABCL. Stifel Nicolaus restated a "buy" rating and issued a $12.00 price target (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. Finally, KeyCorp reduced their price target on shares of AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th.

AbCellera Biologics Stock Up 6.9 %

The stock has a fifty day simple moving average of $2.90 and a 200 day simple moving average of $2.80. The firm has a market capitalization of $874.28 million, a P/E ratio of -4.85 and a beta of 0.40.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $8.95 million. During the same period last year, the company earned ($0.10) EPS. Research analysts anticipate that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC bought a new stake in shares of AbCellera Biologics in the 3rd quarter worth about $668,000. Renaissance Technologies LLC raised its position in AbCellera Biologics by 16.0% in the 2nd 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. GSA Capital Partners LLP lifted its stake in AbCellera Biologics by 991.3% in the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company's stock worth $629,000 after purchasing an additional 219,703 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of AbCellera Biologics during the second quarter valued at approximately $923,000. Finally, State Street Corp grew its stake in shares of AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company's stock valued at $840,000 after buying an additional 4,679 shares during the last quarter. 61.42% of the stock is owned by institutional investors.

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.