AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 8.3% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 8.3% during trading on Friday . The company traded as high as $3.16 and last traded at $3.1850. 897,942 shares were traded during mid-day trading, a decline of 81% from the average session volume of 4,787,594 shares. The stock had previously closed at $2.94.

Analyst Ratings Changes

ABCL has been the topic of several analyst reports. Wall Street Zen raised shares of AbCellera Biologics from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a research note on Wednesday, January 21st. Finally, Leerink Partners cut shares of AbCellera Biologics from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, AbCellera Biologics has an average rating of “Hold” and a consensus price target of $7.75.

AbCellera Biologics Stock Performance

The firm has a market cap of $927.94 million, a price-to-earnings ratio of -5.44 and a beta of 0.81. The business’s 50-day moving average is $3.71 and its 200-day moving average is $4.29.

Institutional Investors Weigh In On AbCellera Biologics

A number of large investors have recently bought and sold shares of ABCL. Invesco Ltd. raised its position in AbCellera Biologics by 114.6% in the 1st quarter. Invesco Ltd. now owns 24,146 shares of the company’s stock valued at $54,000 after purchasing an additional 12,893 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of AbCellera Biologics in the second quarter valued at about $35,000. State of Michigan Retirement System bought a new position in shares of AbCellera Biologics in the second quarter valued at about $169,000. Bank of Montreal Can lifted its position in AbCellera Biologics by 46.2% during the 2nd quarter. Bank of Montreal Can now owns 70,089 shares of the company’s stock worth $240,000 after buying an additional 22,155 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in AbCellera Biologics by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 363,188 shares of the company’s stock worth $1,246,000 after acquiring an additional 12,301 shares during the last quarter. 61.42% of the stock is currently owned by institutional investors.

About AbCellera Biologics

AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company’s technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.