AbCellera Biologics (NASDAQ:ABCL) Trading 3.3% Higher – Time to Buy?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 3.3% on Friday . The stock traded as high as $2.80 and last traded at $2.80. 151,683 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,762,049 shares. The stock had previously closed at $2.71.

Analyst Ratings Changes

Several research firms recently issued reports on ABCL. Stifel Nicolaus reaffirmed a “buy” rating and set a $12.00 price target (down previously from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Up 5.2 %

The company has a market cap of $841.79 million, a P/E ratio of -4.67 and a beta of 0.41. The company has a 50 day moving average price of $2.81 and a 200-day moving average price of $2.83.

AbCellera Biologics (NASDAQ:ABCL) last announced its earnings results 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). The company had revenue of $6.51 million during the quarter, compared to the consensus estimate of $8.95 million. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. During the same quarter in the prior year, the company earned ($0.10) EPS. On average, research analysts expect that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. lifted its holdings in shares of AbCellera Biologics by 58.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock valued at $88,000 after buying an additional 12,500 shares during the period. State Street Corp increased its stake in AbCellera Biologics by 1.5% in the 3rd 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. Quadrature Capital Ltd raised its holdings in AbCellera Biologics by 328.0% during the 3rd quarter. Quadrature Capital Ltd now owns 59,617 shares of the company’s stock worth $154,000 after buying an additional 45,688 shares during the period. Erste Asset Management GmbH acquired a new stake in AbCellera Biologics during the 3rd quarter worth about $162,000. Finally, Walleye Capital LLC purchased a new stake in AbCellera Biologics during the third quarter valued at about $668,000. 61.42% of the stock is owned by 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.