AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 8.5% - Here's What Happened

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) traded down 8.5% during trading on Thursday . The stock traded as low as $3.19 and last traded at $3.18. 2,079,259 shares were traded during trading, a decline of 48% from the average session volume of 3,991,718 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

A number of analysts have issued reports on ABCL shares. KeyCorp lowered their target price on AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Stifel Nicolaus reaffirmed a "buy" rating and set a $12.00 price objective (down previously from $14.00) on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Stock Down 9.1 %

The company's 50-day moving average is $3.08 and its 200-day moving average is $2.83. The stock has a market cap of $931.89 million, a price-to-earnings ratio of -5.19 and a beta of 0.42.

Institutional Trading of AbCellera Biologics

Several institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC boosted its stake in shares of AbCellera Biologics by 333.1% in the 4th quarter. Squarepoint Ops LLC now owns 57,685 shares of the company's stock valued at $169,000 after purchasing an additional 44,367 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in AbCellera Biologics by 19.8% during the 4th quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company's stock valued at $7,643,000 after purchasing an additional 430,800 shares during the last quarter. Two Sigma Investments LP boosted its position in AbCellera Biologics by 28.6% in the fourth quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company's stock valued at $9,544,000 after buying an additional 723,676 shares in the last quarter. Tang Capital Management LLC boosted its position in AbCellera Biologics by 12.3% in the fourth quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company's stock valued at $7,568,000 after buying an additional 282,816 shares in the last quarter. Finally, Millennium Management LLC boosted its position in AbCellera Biologics by 96.7% in the fourth quarter. Millennium Management LLC now owns 1,482,715 shares of the company's stock valued at $4,344,000 after buying an additional 728,828 shares in the last quarter. Institutional investors and hedge funds own 61.42% of the company's stock.

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.

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