AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $3.27, but opened at $3.42. AbCellera Biologics shares last traded at $3.58, with a volume of 1,602,312 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus restated a “buy” rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Finally, KeyCorp lowered their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th.

AbCellera Biologics Price Performance

The company has a market cap of $1.01 billion, a PE ratio of -5.62 and a beta of 0.42. The business has a fifty day simple moving average of $3.07 and a two-hundred day simple moving average of $2.83.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors have recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI bought a new position in AbCellera Biologics in the third quarter worth about $26,000. NBC Securities Inc. raised its stake in shares of AbCellera Biologics by 56.0% during the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after acquiring an additional 4,100 shares in the last quarter. DKM Wealth Management Inc. purchased a new stake in AbCellera Biologics during the fourth quarter valued at approximately $29,000. State of New Jersey Common Pension Fund D acquired a new stake in AbCellera Biologics in the fourth quarter valued at approximately $36,000. Finally, Balyasny Asset Management L.P. purchased a new position in AbCellera Biologics in the fourth quarter worth $40,000. Institutional investors own 61.42% of the company’s stock.

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.