AbCellera Biologics (NASDAQ:ABCL) Hits New 12-Month Low Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares hit a new 52-week low during trading on Saturday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. Stifel Nicolaus currently has a buy rating on the stock. AbCellera Biologics traded as low as $2.31 and last traded at $2.59, with a volume of 9923651 shares. The stock had previously closed at $2.92.

ABCL has been the subject of several other research reports. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. KeyCorp cut their price target on AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th.

Institutional Trading of AbCellera Biologics

Hedge funds have recently bought and sold shares of the stock. Resolute Advisors LLC lifted its position in shares of AbCellera Biologics by 7.0% in the third quarter. Resolute Advisors LLC now owns 61,576 shares of the company's stock valued at $160,000 after acquiring an additional 4,050 shares in the last quarter. State Street Corp lifted its position in shares of AbCellera Biologics by 1.5% in the third quarter. State Street Corp now owns 323,229 shares of the company's stock valued at $840,000 after acquiring an additional 4,679 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of AbCellera Biologics by 10.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company's stock valued at $184,000 after acquiring an additional 5,955 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of AbCellera Biologics in the third quarter valued at about $26,000. Finally, DKM Wealth Management Inc. purchased a new position in shares of AbCellera Biologics in the fourth quarter valued at about $29,000. Institutional investors own 61.42% of the company's stock.

AbCellera Biologics Price Performance

The company has a 50-day moving average price of $3.07 and a 200 day moving average price of $2.84. The firm has a market capitalization of $691.16 million, a PE ratio of -3.84 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.