AbCellera Biologics (NASDAQ:ABCL) Shares Down 5% - Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares traded down 5% on Friday . The company traded as low as $3.10 and last traded at $3.13. Approximately 542,082 shares traded hands during trading, a decline of 85% from the average session volume of 3,732,054 shares. The stock had previously closed at $3.29.

Analysts Set New Price Targets

ABCL has been the topic of a number of research analyst reports. KeyCorp reduced their target price on AbCellera Biologics from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $12.00 price target (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th.

AbCellera Biologics Price Performance

The company has a 50 day simple moving average of $3.04 and a 200-day simple moving average of $2.83. The stock has a market capitalization of $869.85 million, a P/E ratio of -4.83 and a beta of 0.42.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Arcadia Investment Management Corp MI purchased a new position in AbCellera Biologics during the third quarter valued at approximately $26,000. NBC Securities Inc. grew its holdings in shares of AbCellera Biologics by 56.0% during the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company's stock valued at $29,000 after purchasing an additional 4,100 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in shares of AbCellera Biologics in the 4th quarter valued at about $36,000. IMG Wealth Management Inc. purchased a new stake in shares of AbCellera Biologics during the fourth quarter valued at approximately $56,000. Finally, Raymond James Financial Inc. bought a new stake in AbCellera Biologics in the 4th quarter worth $57,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.