AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 4.1% – What’s Next?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) fell 4.1% during mid-day trading on Tuesday . The company traded as low as $2.49 and last traded at $2.49. 114,529 shares changed hands during trading, a decline of 95% from the average session volume of 2,386,285 shares. The stock had previously closed at $2.59.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ABCL shares. Stifel Nicolaus lowered their price objective on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Finally, KeyCorp dropped their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th.

AbCellera Biologics Price Performance

The stock’s fifty day simple moving average is $2.90 and its 200-day simple moving average is $2.82. The firm has a market cap of $740.50 million, a PE ratio of -4.07 and a beta of 0.45.

Institutional Trading of AbCellera Biologics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors acquired a new position in shares of AbCellera Biologics in the fourth quarter valued at about $23,245,000. Guardian Partners Inc. purchased a new stake in AbCellera Biologics in the fourth quarter valued at approximately $5,413,000. Norges Bank acquired a new position in AbCellera Biologics in the 4th quarter worth approximately $3,764,000. Millennium Management LLC raised its position in AbCellera Biologics by 96.7% during the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after buying an additional 728,828 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in AbCellera Biologics by 28.6% during the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after buying an additional 723,676 shares during the last quarter. Institutional investors and hedge funds own 61.42% of the company’s stock.

About AbCellera Biologics

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.