AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 8.5% – What’s Next?

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

Analysts Set New Price Targets

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

AbCellera Biologics Stock Performance

The firm has a market cap of $894.97 million, a price-to-earnings ratio of -4.97 and a beta of 0.42. The company’s fifty day moving average is $3.09 and its two-hundred day moving average is $2.84.

Institutional Investors Weigh In On AbCellera Biologics

A number of large investors have recently modified their holdings of ABCL. Squarepoint Ops LLC boosted its position in AbCellera Biologics by 333.1% in the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock valued at $169,000 after buying an additional 44,367 shares during the last quarter. Two Sigma Advisers LP increased its holdings in AbCellera Biologics by 19.8% during the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after purchasing an additional 430,800 shares during the last quarter. Two Sigma Investments LP increased its holdings in AbCellera Biologics by 28.6% during the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after purchasing an additional 723,676 shares during the last quarter. Tang Capital Management LLC boosted its stake in shares of AbCellera Biologics by 12.3% during the 4th quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock valued at $7,568,000 after buying an additional 282,816 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of AbCellera Biologics by 96.7% during the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after buying an additional 728,828 shares in the last quarter. 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.