AbCellera Biologics (NASDAQ:ABCL) Trading Up 8.8% – Still a Buy?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price traded up 8.8% on Friday . The company traded as high as $2.23 and last traded at $2.25. 325,428 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,531,975 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

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

AbCellera Biologics Trading Up 10.4 %

The stock has a market capitalization of $680.90 million, a PE ratio of -3.75 and a beta of 0.50. The business has a fifty day moving average price of $2.60 and a 200-day moving average price of $2.77.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors have recently made changes to their positions in ABCL. DKM Wealth Management Inc. purchased a new position in AbCellera Biologics in the 4th quarter worth $29,000. State of New Jersey Common Pension Fund D bought a new position in shares of AbCellera Biologics during the fourth quarter valued at about $36,000. Balyasny Asset Management L.P. purchased a new position in shares of AbCellera Biologics in the fourth quarter worth about $40,000. Mariner LLC bought a new stake in shares of AbCellera Biologics in the 4th quarter valued at about $42,000. Finally, Boothbay Fund Management LLC purchased a new stake in AbCellera Biologics during the 4th quarter valued at about $46,000. Hedge funds and other 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.