AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 4.1% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price fell 4.1% during trading on Tuesday . The company traded as low as $2.49 and last traded at $2.49. 114,529 shares changed hands during trading, a decline of 95% from the average session volume of 2,386,285 shares. The stock had previously closed at $2.59.

Wall Street Analysts Forecast Growth

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

AbCellera Biologics Trading Down 4.1 %

The firm has a market cap of $740.50 million, a PE ratio of -4.07 and a beta of 0.45. The business’s 50-day simple moving average is $2.90 and its 200 day simple moving average is $2.82.

Hedge Funds Weigh In On AbCellera Biologics

A number of large investors have recently bought and sold shares of ABCL. Capital World Investors purchased a new stake in shares of AbCellera Biologics during the 4th quarter worth $23,245,000. Guardian Partners Inc. bought a new position in AbCellera Biologics in the fourth quarter worth about $5,413,000. Norges Bank purchased a new stake in shares of AbCellera Biologics during the fourth quarter valued at about $3,764,000. Millennium Management LLC boosted its holdings in shares of AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock valued at $4,344,000 after buying an additional 728,828 shares in the last quarter. Finally, Two Sigma Investments LP grew its position in shares of AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after buying an additional 723,676 shares during the last quarter. Institutional investors 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.