AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price gapped down prior to trading on Friday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. The stock had previously closed at $2.92, but opened at $2.72. Stifel Nicolaus currently has a buy rating on the stock. AbCellera Biologics shares last traded at $2.42, with a volume of 1,407,442 shares trading hands.

ABCL has been the subject of a number of other research reports. KeyCorp reduced their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ABCL. Creative Planning acquired a new position in AbCellera Biologics in the third quarter valued at about $93,000. Ballentine Partners LLC acquired a new position in AbCellera Biologics in the third quarter valued at approximately $54,000. China Universal Asset Management Co. Ltd. boosted its stake in AbCellera Biologics by 64.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 56,674 shares of the company’s stock valued at $147,000 after acquiring an additional 22,128 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in AbCellera Biologics during the 3rd quarter worth $26,000. Finally, Resolute Advisors LLC raised its position in shares of AbCellera Biologics by 7.0% during the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock valued at $160,000 after acquiring an additional 4,050 shares during the last quarter. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The company has a market cap of $733.99 million, a P/E ratio of -4.01 and a beta of 0.42. The firm’s 50-day simple moving average is $3.10 and its 200 day simple moving average is $2.84.

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.