Piper Sandler Trims AbCellera Biologics (NASDAQ:ABCL) Target Price to $21.00

AbCellera Biologics (NASDAQ:ABCLGet Rating) had its price target decreased by Piper Sandler from $28.00 to $21.00 in a research note issued to investors on Wednesday, The Fly reports.

A number of other equities research analysts also recently commented on the company. Zacks Investment Research upgraded AbCellera Biologics from a hold rating to a buy rating and set a $8.50 target price on the stock in a research report on Monday, May 2nd. Credit Suisse Group boosted their target price on AbCellera Biologics from $39.00 to $40.00 and gave the stock an outperform rating in a research report on Friday, February 25th. Finally, SVB Leerink decreased their target price on AbCellera Biologics from $25.00 to $20.00 and set an outperform rating on the stock in a research report on Friday, February 25th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, AbCellera Biologics currently has a consensus rating of Buy and a consensus price target of $26.08.

ABCL opened at $7.23 on Wednesday. The company has a market capitalization of $2.06 billion, a PE ratio of 11.30 and a beta of -0.27. The firm has a 50-day simple moving average of $8.51 and a two-hundred day simple moving average of $11.02. AbCellera Biologics has a 52 week low of $5.42 and a 52 week high of $36.05.

AbCellera Biologics (NASDAQ:ABCLGet Rating) last posted its earnings results on Tuesday, May 10th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.16. The firm had revenue of $316.58 million during the quarter, compared to analysts’ expectations of $208.96 million. AbCellera Biologics’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.37 earnings per share. As a group, analysts forecast that AbCellera Biologics will post 0.51 earnings per share for the current year.

In other AbCellera Biologics news, Director John S. Montalbano purchased 20,000 shares of AbCellera Biologics stock in a transaction dated Tuesday, March 1st. The shares were purchased at an average cost of $9.05 per share, for a total transaction of $181,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John S. Montalbano purchased 10,000 shares of AbCellera Biologics stock in a transaction dated Friday, March 4th. The stock was acquired at an average price of $8.54 per share, for a total transaction of $85,400.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 260,789 shares of company stock worth $2,265,033. Company insiders own 45.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ABCL. Invesco Ltd. purchased a new stake in shares of AbCellera Biologics in the second quarter worth approximately $314,000. Morgan Stanley grew its stake in AbCellera Biologics by 693.5% in the second quarter. Morgan Stanley now owns 574,193 shares of the company’s stock worth $12,633,000 after purchasing an additional 501,828 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in AbCellera Biologics in the third quarter worth approximately $393,000. Raymond James & Associates grew its stake in AbCellera Biologics by 6.3% in the third quarter. Raymond James & Associates now owns 126,351 shares of the company’s stock worth $2,532,000 after purchasing an additional 7,448 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in AbCellera Biologics in the third quarter worth approximately $138,000. Hedge funds and other institutional investors own 39.58% of the company’s stock.

About AbCellera Biologics (Get Rating)

AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.

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