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

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) rose 18.8% during mid-day trading on Wednesday . The company 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 Ratings Changes

Several analysts have commented on the company. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Stifel Nicolaus reaffirmed a "buy" rating and set a $12.00 price target (down from $14.00) 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 research note on Wednesday, January 8th.

AbCellera Biologics Stock Performance

The company has a market cap of $1.04 billion, a price-to-earnings ratio of -5.79 and a beta of 0.40. The company has a 50-day simple moving average of $2.93 and a 200-day simple moving average of $2.81.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.03). The business had revenue of $6.51 million for 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 prior year, the company earned ($0.10) EPS. As a group, equities research analysts forecast that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in shares of AbCellera Biologics by 16.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,728,603 shares of the company's stock valued at $5,117,000 after acquiring an additional 239,000 shares during the period. JPMorgan Chase & Co. raised its holdings in AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company's stock worth $925,000 after purchasing an additional 21,483 shares during the last quarter. State Street Corp boosted its position in AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company's stock worth $840,000 after purchasing an additional 4,679 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in AbCellera Biologics by 104.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 308,567 shares of the company's stock valued at $913,000 after purchasing an additional 158,000 shares during the last quarter. Finally, Walleye Capital LLC acquired a new stake in AbCellera Biologics in the third quarter valued at $668,000. Hedge funds and other institutional investors own 61.42% of the company's stock.

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.