AbCellera Biologics (NASDAQ:ABCL) Trading 6.7% Higher - Here's What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report)'s stock price was up 6.7% during mid-day trading on Thursday . The company traded as high as $3.62 and last traded at $3.5750. Approximately 550,779 shares changed hands during trading, a decline of 89% from the average daily volume of 4,950,974 shares. The stock had previously closed at $3.35.Get AbCellera Biologics alerts:Analysts Set New Price TargetsArgenx's 28% Surge & Promising Product Propel Investor ConfidenceABCL has been the topic of a number of recent analyst reports. Leerink Partnrs cut shares of AbCellera Biologics from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 7th. Leerink Partners reissued a "market perform" rating and issued a $4.00 price target on shares of AbCellera Biologics in a research note on Friday, November 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AbCellera Biologics in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of AbCellera Biologics from a "hold" rating to a "sell" rating in a report on Saturday, November 8th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $7.75.Check Out Our Latest Stock Report on ABCLAbCellera Biologics Price PerformanceThe company's 50 day simple moving average is $4.43 and its 200 day simple moving average is $4.28. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -6.25 and a beta of 0.73. AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.02). The company had revenue of $6.51 million for the quarter, compared to analyst estimates of $6.33 million. AbCellera Biologics had a negative return on equity of 17.21% and a negative net margin of 493.42%. As a group, analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current year. Hedge Funds Weigh In On AbCellera BiologicsA number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL purchased a new position in AbCellera Biologics in the third quarter valued at approximately $3,673,000. Advisory Services Network LLC purchased a new position in shares of AbCellera Biologics in the 3rd quarter valued at $132,000. Caxton Associates LLP acquired a new stake in AbCellera Biologics during the 3rd quarter worth $1,798,000. Voleon Capital Management LP purchased a new stake in AbCellera Biologics in the third quarter valued at $56,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in AbCellera Biologics in the third quarter valued at $87,000. 61.42% of the stock is owned by institutional investors and hedge funds. About AbCellera Biologics (Get Free Report)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.Recommended StoriesFive stocks we like better than AbCellera BiologicsWhy Special Dividends Can be a Delightful Surprise for Income InvestorsMicron’s Q1 Results Say “AI Bubble Is Far From Bursting”How to Start Investing in Real Estate3 Cheap Dividend Stocks That Can Beat Inflation and Pay You to WaitExpert Stock Trading Psychology Tips3 New Year’s Resolution Stocks That Could Turn Around in 2026This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in AbCellera Biologics Right Now?Before you consider AbCellera Biologics, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AbCellera Biologics wasn't on the list.While AbCellera Biologics currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here