AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down After Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) gapped down prior to trading on Friday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. The stock had previously closed at $2.92, but opened at $2.72. Stifel Nicolaus currently has a buy rating on the stock. AbCellera Biologics shares last traded at $2.42, with a volume of 1,407,442 shares trading hands.

Several other research analysts have also recently issued reports on ABCL. KeyCorp cut their target price on AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently modified their holdings of the company. Creative Planning bought a new position in shares of AbCellera Biologics in the third quarter valued at approximately $93,000. Arcadia Investment Management Corp MI purchased a new position in AbCellera Biologics in the third quarter worth $26,000. Resolute Advisors LLC grew its stake in AbCellera Biologics by 7.0% in the 3rd quarter. Resolute Advisors LLC now owns 61,576 shares of the company's stock valued at $160,000 after purchasing an additional 4,050 shares during the period. GSA Capital Partners LLP increased its position in shares of AbCellera Biologics by 991.3% during the 3rd quarter. GSA Capital Partners LLP now owns 241,866 shares of the company's stock valued at $629,000 after purchasing an additional 219,703 shares during the last quarter. Finally, Pier 88 Investment Partners LLC increased its position in shares of AbCellera Biologics by 21.0% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 195,500 shares of the company's stock valued at $508,000 after purchasing an additional 33,880 shares during the last quarter. Institutional investors own 61.42% of the company's stock.

AbCellera Biologics Stock Performance

The stock has a 50 day moving average price of $3.09 and a 200 day moving average price of $2.84. The company has a market capitalization of $691.16 million, a P/E ratio of -3.84 and a beta of 0.42.

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.