AbCellera Biologics (NASDAQ:ABCL) Sees Large Volume Increase – Time to Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares saw unusually-high trading volume on Monday . Approximately 1,698,522 shares traded hands during trading, an increase of 4% from the previous session’s volume of 1,638,096 shares.The stock last traded at $3.07 and had previously closed at $2.70.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $12.00 price objective (down previously from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th.

AbCellera Biologics Stock Down 6.0 %

The firm’s 50 day simple moving average is $2.66 and its two-hundred day simple moving average is $3.01.

AbCellera Biologics (NASDAQ:ABCL) last released its earnings results 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). 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 during the quarter, compared to analysts’ expectations of $8.95 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. On average, equities research analysts predict that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors have recently made changes to their positions in ABCL. Intellectus Partners LLC lifted its position in AbCellera Biologics by 0.7% in the 2nd quarter. Intellectus Partners LLC now owns 545,533 shares of the company’s stock worth $1,615,000 after buying an additional 3,750 shares during the last quarter. Resolute Advisors LLC raised its stake in shares of AbCellera Biologics by 7.0% during the third quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock worth $160,000 after acquiring an additional 4,050 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after acquiring an additional 4,100 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of AbCellera Biologics in the 3rd quarter valued at $26,000. Finally, Evergreen Capital Management LLC bought a new position in shares of AbCellera Biologics during the 2nd quarter valued at $32,000. Institutional investors own 61.42% of the company’s stock.

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.