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

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price gapped down before the market opened 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 traded.

Several other research firms have also recently weighed in on ABCL. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. KeyCorp lowered their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th.

Hedge Funds Weigh In On AbCellera Biologics

A number of institutional investors have recently added to or reduced their stakes in the stock. Creative Planning acquired a new stake in AbCellera Biologics in the third quarter valued at approximately $93,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of AbCellera Biologics by 64.1% in the 3rd 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 bought a new position in shares of AbCellera Biologics in the 3rd quarter valued at $26,000. Resolute Advisors LLC boosted its holdings 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 in the last quarter. Finally, GSA Capital Partners LLP grew its position in AbCellera Biologics by 991.3% during the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after acquiring an additional 219,703 shares during the last quarter. 61.42% of the stock is currently owned by institutional investors and hedge funds.

AbCellera Biologics Stock Performance

The firm has a market cap of $765.00 million, a price-to-earnings ratio of -4.25 and a beta of 0.42. The business has a fifty day simple moving average of $3.10 and a 200-day simple moving average of $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.