AbCellera Biologics Inc. (NASDAQ:ABCL) Short Interest Up 6.8% in January

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 18,430,000 shares, a growth of 6.8% from the January 15th total of 17,260,000 shares. Approximately 8.3% of the shares of the company are sold short. Based on an average trading volume of 3,150,000 shares, the days-to-cover ratio is presently 5.9 days.

Institutional Investors Weigh In On AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the company. Arcadia Investment Management Corp MI acquired a new stake in AbCellera Biologics in the 3rd quarter worth about $26,000. DKM Wealth Management Inc. bought a new position in shares of AbCellera Biologics during the fourth quarter worth approximately $29,000. NBC Securities Inc. raised its position in shares of AbCellera Biologics by 56.0% in the third quarter. NBC Securities Inc. now owns 11,420 shares of the company's stock valued at $29,000 after buying an additional 4,100 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of AbCellera Biologics in the fourth quarter valued at approximately $36,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of AbCellera Biologics in the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds own 61.42% of the company's stock.

Analyst Ratings Changes

ABCL has been the topic of a number of recent analyst reports. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Stifel Nicolaus reiterated a "buy" rating and issued a $12.00 price objective (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Finally, KeyCorp dropped their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th.

AbCellera Biologics Stock Performance

NASDAQ:ABCL traded up $0.04 during mid-day trading on Wednesday, hitting $3.47. 5,550,381 shares of the stock were exchanged, compared to its average volume of 4,053,676. The firm's 50-day simple moving average is $3.08 and its 200 day simple moving average is $2.83. AbCellera Biologics has a fifty-two week low of $2.34 and a fifty-two week high of $5.45. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -5.69 and a beta of 0.42.

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.