AbCellera Biologics (NASDAQ:ABCL) Sets New 1-Year Low – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.11 and last traded at $2.12, with a volume of 2602457 shares traded. The stock had previously closed at $2.23.

Wall Street Analyst Weigh In

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

AbCellera Biologics Stock Down 6.5 %

The firm has a market capitalization of $621.30 million, a PE ratio of -3.42 and a beta of 0.45. The business’s 50-day moving average price is $2.84 and its 200-day moving average price is $2.82.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. DKM Wealth Management Inc. acquired a new position in shares of AbCellera Biologics in the fourth quarter worth $29,000. State of New Jersey Common Pension Fund D purchased a new position in AbCellera Biologics in the fourth quarter valued at about $36,000. Balyasny Asset Management L.P. acquired a new position in AbCellera Biologics in the 4th quarter worth about $40,000. Mariner LLC purchased a new stake in shares of AbCellera Biologics during the 4th quarter worth about $42,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of AbCellera Biologics during the 4th quarter worth about $46,000. Hedge funds and other 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.