AbCellera Biologics (NASDAQ:ABCL) Stock Rating Upgraded by Benchmark

AbCellera Biologics (NASDAQ:ABCL) was upgraded by research analysts at Benchmark from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a $11.00 price objective on the stock. Benchmark’s price objective points to a potential upside of 39.77% from the company’s current price.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald began coverage on shares of AbCellera Biologics in a report on Tuesday, May 5th. They set an “overweight” rating and a $7.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of AbCellera Biologics in a report on Monday, April 20th. JonesTrading started coverage on AbCellera Biologics in a research report on Friday, April 10th. They set a “buy” rating and a $11.00 price objective on the stock. Finally, Wall Street Zen cut AbCellera Biologics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AbCellera Biologics currently has an average rating of “Moderate Buy” and an average target price of $8.33.

AbCellera Biologics Stock Performance

AbCellera Biologics stock opened at $7.87 on Tuesday. AbCellera Biologics has a 52 week low of $2.74 and a 52 week high of $8.42. The stock has a market capitalization of $2.40 billion, a P/E ratio of -16.40 and a beta of 1.14. The stock has a fifty day moving average of $5.54 and a 200-day moving average of $4.29.

AbCellera Biologics (NASDAQ:ABCL) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.08. AbCellera Biologics had a negative return on equity of 14.86% and a negative net margin of 181.75%.The business had revenue of $8.31 million for the quarter, compared to analyst estimates of $5.41 million. During the same period last year, the firm posted ($0.15) earnings per share. On average, research analysts forecast that AbCellera Biologics will post -0.67 earnings per share for the current year.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AssuredPartners Investment Advisors LLC acquired a new position in shares of AbCellera Biologics during the fourth quarter worth $34,000. Engineers Gate Manager LP acquired a new position in AbCellera Biologics during the 4th quarter worth about $38,000. Allworth Financial LP increased its stake in shares of AbCellera Biologics by 857.0% in the fourth quarter. Allworth Financial LP now owns 11,274 shares of the company’s stock valued at $39,000 after buying an additional 10,096 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of AbCellera Biologics during the first quarter worth about $46,000. Finally, Magnetar Financial LLC bought a new position in shares of AbCellera Biologics during the fourth quarter worth about $49,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Company Profile

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.