AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down - Should You Sell?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $2.42, but opened at $2.31. AbCellera Biologics shares last traded at $2.44, with a volume of 375,484 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Stifel Nicolaus reduced 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 report on Friday, February 28th. KeyCorp upped their price target on AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 16th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd.

AbCellera Biologics Trading Up 1.8 %

The company has a market cap of $767.32 million, a PE ratio of -4.19 and a beta of 0.50. The business has a 50 day simple moving average of $2.47 and a two-hundred day simple moving average of $2.77.

Institutional Investors Weigh In On AbCellera Biologics

Institutional investors and hedge funds have recently modified their holdings of the stock. DKM Wealth Management Inc. purchased a new position in AbCellera Biologics in the 4th quarter worth approximately $29,000. Janney Montgomery Scott LLC bought a new position in AbCellera Biologics in the 1st quarter worth about $29,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of AbCellera Biologics in the first quarter valued at approximately $34,000. State of New Jersey Common Pension Fund D bought a new stake in shares of AbCellera Biologics during the fourth quarter valued at approximately $36,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of AbCellera Biologics during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 61.42% of the company's stock.

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.