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

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price gapped down prior to trading 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 trading hands.

ABCL has been the subject of several other reports. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. KeyCorp reduced their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th.

Hedge Funds Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently bought and sold shares of the business. Walleye Capital LLC acquired a new stake in shares of AbCellera Biologics during the third quarter worth approximately $668,000. JPMorgan Chase & Co. boosted its stake in shares of AbCellera Biologics by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock valued at $925,000 after buying an additional 21,483 shares during the period. GSA Capital Partners LLP grew its holdings in shares of AbCellera Biologics by 991.3% during the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after acquiring an additional 219,703 shares in the last quarter. Moloney Securities Asset Management LLC acquired a new position in shares of AbCellera Biologics in the fourth quarter worth $265,000. Finally, State Street Corp increased its stake in shares of AbCellera Biologics by 1.5% in the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after acquiring an additional 4,679 shares during the last quarter. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Stock Down 14.9 %

The business has a 50-day moving average of $3.10 and a 200-day moving average of $2.84. The stock has a market cap of $733.99 million, a price-to-earnings ratio of -4.01 and a beta of 0.42.

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.