AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up – Here’s Why

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 Analyst Weigh In

A number of research analysts have recently commented on ABCL shares. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Stifel Nicolaus reiterated a “buy” rating and set a $12.00 price objective (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, KeyCorp reduced their target price on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th.

AbCellera Biologics Trading Up 4.9 %

The firm has a market capitalization of $1.01 billion, a P/E ratio of -5.62 and a beta of 0.42. The firm has a 50 day moving average price of $3.07 and a 200-day moving average price of $2.83.

Institutional Trading of AbCellera Biologics

A number of institutional investors have recently bought and sold shares of ABCL. Arcadia Investment Management Corp MI purchased a new stake in shares of AbCellera Biologics in the third quarter valued at $26,000. DKM Wealth Management Inc. bought a new position in AbCellera Biologics during the 4th quarter valued at about $29,000. NBC Securities Inc. raised its position in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after purchasing an additional 4,100 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in shares of AbCellera Biologics during the fourth quarter valued at approximately $36,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of AbCellera Biologics during the fourth quarter valued at approximately $40,000. 61.42% of the stock is currently owned by institutional investors.

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.