SVB Leerink research analysts raise earnings estimates for AbCellera Biologics Inc. (NASDAQ:ABCL)
AbCellera Biologics Inc. (NASDAQ: ABCL – Get a rating) – SVB Leerink analysts raised their third quarter 2022 earnings per share (EPS) estimates for AbCellera Biologics in a note to investors on Wednesday, June 29. SVB Leerink analyst P. Souda now expects the company to earn $0.03 per share for the quarter, up from his previous forecast of $0.06. The consensus estimate of AbCellera Biologics’ current annual earnings is $0.60 per share. SVB Leerink also released estimates of AbCellera Biologics fourth quarter 2022 earnings at ($0.08) EPS and full year 2022 earnings at $0.50 EPS.
A number of other equity research analysts have also recently commented on the company. Piper Sandler cut her price target on AbCellera Biologics from $28.00 to $21.00 in a Wednesday, May 11 research report. BMO Capital Markets reiterated a “buy” rating and set a price target of $40.00 on shares of AbCellera Biologics in a Wednesday, May 11 research report. Six research analysts have rated the stock with a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $29.60.
ABCL opened at $10.64 on Monday. The company has a market capitalization of $3.03 billion, a price-earnings ratio of 16.63 and a beta of -1.35. AbCellera Biologics has a 1-year minimum of $5.42 and a 1-year maximum of $22.63. The company has a 50-day moving average price of $8.34 and a two-hundred-day moving average price of $9.43. AbCellera Biologics (NASDAQ:ABCL- Get a rating) last released its results on Tuesday, May 10. The company reported earnings per share of $0.54 for the quarter, beating analyst consensus estimates of $0.47 by $0.07. The company posted revenue of $316.58 million in the quarter, versus a consensus estimate of $208.96 million. AbCellera Biologics had a return on equity of 19.72% and a net margin of 41.87%. The company’s revenue for the quarter increased by 56.2% compared to the same quarter last year. In the same period a year earlier, the company posted earnings of $0.37 per share.
Hedge funds and other institutional investors have recently been buying and selling shares of the company. Spire Wealth Management acquired a new position in shares of AbCellera Biologics in the fourth quarter worth $29,000. Worth Asset Management LLC acquired a new position in AbCellera Biologics stock in the first quarter worth $25,000. Eagle Bay Advisors LLC increased its stake in shares of AbCellera Biologics by 44.0% in the fourth quarter. Eagle Bay Advisors LLC now owns 4,463 shares of the company worth $85,000 after acquiring 1,363 additional shares in the last quarter. Crédit Agricole SA increased its stake in the shares of AbCellera Biologics by 45.5% in the fourth quarter. Crédit Agricole SA now owns 9,600 shares in the company worth $137,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Gryphon Financial Partners LLC acquired a new position in shares of AbCellera Biologics in the first quarter worth $102,000. 39.58% of the shares are currently held by institutional investors and hedge funds.
In other news, COO Veronique Lecault bought 200,000 shares of the company in a transaction on Monday, May 16. The shares were purchased at an average cost of $6.34 per share, with a total value of $1,268,000.00. Following the purchase, the COO now directly owns 1,770,122 shares of the company, valued at $11,222,573.48. The transaction was disclosed in a legal filing with the SEC, available at the SEC website. Additionally, major shareholder Holdings Ltd. Thermopylae bought 54,915 shares of the company in a transaction on Monday, June 13. The shares were purchased at an average cost of $8.03 per share, for a total transaction of $440,967.45. Following the completion of the purchase, the insider now owns 55,635,218 shares of the company, valued at $446,750,800.54. Disclosure of this purchase can be found here. Insiders purchased a total of 1,812,928 shares of the company valued at $11,713,485 during the last quarter. Insiders hold 45.80% of the shares of the company.
AbCellera Biologics Company Profile (Get a rating)
AbCellera Biologics Inc is developing an antibody discovery platform. Its comprehensive 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 completed, in progress or under contract with 36 partners.
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