1,284,533 Shares in AbCellera Biologics Inc. (NASDAQ:ABCL) Bought by Norges Bank

Norges Bank purchased a new position in shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,284,533 shares of the company's stock, valued at approximately $3,764,000. Norges Bank owned 0.43% of AbCellera Biologics at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. State of New Jersey Common Pension Fund D purchased a new position in AbCellera Biologics during the fourth quarter worth about $36,000. IMG Wealth Management Inc. acquired a new stake in AbCellera Biologics in the 4th quarter valued at approximately $56,000. Raymond James Financial Inc. purchased a new stake in AbCellera Biologics in the fourth quarter valued at approximately $57,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in AbCellera Biologics during the fourth quarter worth $63,000. Finally, B. Riley Wealth Advisors Inc. boosted its position in shares of AbCellera Biologics by 58.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company's stock worth $88,000 after buying an additional 12,500 shares during the period. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ABCL. Benchmark reiterated a "hold" rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Stifel Nicolaus cut their price target on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Finally, KeyCorp lowered their price objective 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.

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AbCellera Biologics Trading Down 2.9 %

ABCL traded down $0.07 on Tuesday, hitting $2.37. 4,218,711 shares of the company were exchanged, compared to its average volume of 2,577,688. The company has a market cap of $706.23 million, a price-to-earnings ratio of -3.89 and a beta of 0.50. The firm has a 50-day moving average price of $2.56 and a two-hundred day moving average price of $2.77. AbCellera Biologics Inc. has a twelve month low of $1.89 and a twelve month high of $4.34.

About AbCellera Biologics

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.