AbCellera Biologics (NASDAQ:ABCL) Sets New 1-Year Low – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.89 and last traded at $1.90, with a volume of 411734 shares trading hands. The stock had previously closed at $2.09.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, February 28th. KeyCorp decreased 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. Finally, Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd.

AbCellera Biologics Price Performance

The business has a fifty day moving average price of $2.66 and a 200 day moving average price of $2.78. The company has a market capitalization of $575.12 million, a price-to-earnings ratio of -3.16 and a beta of 0.50.

Institutional Investors Weigh In On AbCellera Biologics

Several institutional investors have recently bought and sold shares of ABCL. Squarepoint Ops LLC lifted its position in shares of AbCellera Biologics by 333.1% during the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock valued at $169,000 after acquiring an additional 44,367 shares during the period. Two Sigma Advisers LP grew its holdings in AbCellera Biologics by 19.8% in the fourth quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after purchasing an additional 430,800 shares during the period. Two Sigma Investments LP grew its position in AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock valued at $9,544,000 after purchasing an additional 723,676 shares during the period. Tang Capital Management LLC boosted its stake in AbCellera Biologics by 12.3% during the 4th quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock valued at $7,568,000 after purchasing an additional 282,816 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of AbCellera Biologics by 96.7% in the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock valued at $4,344,000 after purchasing an additional 728,828 shares during the last quarter. Institutional investors 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.