AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 8.5% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price fell 8.5% during mid-day trading on Thursday . The company traded as low as $3.19 and last traded at $3.18. 2,079,259 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 3,991,718 shares. The stock had previously closed at $3.47.

Wall Street Analyst Weigh In

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

AbCellera Biologics Price Performance

The stock has a market capitalization of $894.97 million, a price-to-earnings ratio of -4.97 and a beta of 0.42. The company has a 50-day simple moving average of $3.09 and a two-hundred day simple moving average of $2.84.

Institutional Trading of AbCellera Biologics

A number of large investors have recently modified their holdings of the company. Arcadia Investment Management Corp MI bought a new position in AbCellera Biologics in the 3rd quarter worth about $26,000. DKM Wealth Management Inc. bought a new position in shares of AbCellera Biologics in the fourth quarter worth $29,000. State of New Jersey Common Pension Fund D acquired a new position in shares of AbCellera Biologics during the fourth quarter valued at $36,000. Balyasny Asset Management L.P. acquired a new position in shares of AbCellera Biologics during the fourth quarter valued at $40,000. Finally, Mariner LLC bought a new stake in shares of AbCellera Biologics during the fourth quarter valued at about $42,000. Institutional investors and hedge funds 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.