AbCellera Biologics (NASDAQ:ABCL) Trading Up 5.9% - Still a Buy?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) traded up 5.9% on Wednesday . The stock traded as high as $2.18 and last traded at $2.21. Approximately 742,332 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 2,431,459 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ABCL shares. KeyCorp reduced 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. 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 report on Friday, February 28th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Monday, March 3rd.

AbCellera Biologics Price Performance

The firm has a fifty day simple moving average of $2.74 and a 200 day simple moving average of $2.80. The company has a market cap of $610.88 million, a price-to-earnings ratio of -3.36 and a beta of 0.50.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Walleye Capital LLC bought a new position in shares of AbCellera Biologics in the third quarter worth about $668,000. Quadrature Capital Ltd boosted its position in shares of AbCellera Biologics by 328.0% in the third quarter. Quadrature Capital Ltd now owns 59,617 shares of the company's stock valued at $154,000 after acquiring an additional 45,688 shares during the period. State Street Corp grew its stake 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 worth $840,000 after acquiring an additional 4,679 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in AbCellera Biologics by 58.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company's stock valued at $88,000 after purchasing an additional 12,500 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in AbCellera Biologics by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company's stock valued at $925,000 after purchasing an additional 21,483 shares during the period. Institutional investors own 61.42% of the company's stock.

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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.