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

AbCellera Biologics Inc. (NASDAQ:ABCL) shares 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.

Several other equities research analysts also recently issued reports on the company. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. KeyCorp cut their target price on shares of 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

Large investors have recently made changes to their positions in the company. Creative Planning bought a new position in AbCellera Biologics during the 3rd quarter worth $93,000. China Universal Asset Management Co. Ltd. increased its position in AbCellera Biologics by 64.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 56,674 shares of the company’s stock worth $147,000 after acquiring an additional 22,128 shares during the period. Arcadia Investment Management Corp MI bought a new position in AbCellera Biologics during the third quarter worth about $26,000. Resolute Advisors LLC raised its stake in AbCellera Biologics by 7.0% in the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company’s stock worth $160,000 after purchasing an additional 4,050 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in AbCellera Biologics by 991.3% in the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after purchasing an additional 219,703 shares during the period. Institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Trading Down 11.3 %

The stock’s 50-day simple moving average is $3.10 and its 200-day simple moving average is $2.84. The stock has a market cap of $765.00 million, a price-to-earnings ratio of -4.25 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.