AbCellera Biologics (NASDAQ:ABCL) Hits New 12-Month Low – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $2.20 and last traded at $2.23, with a volume of 892602 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Stifel Nicolaus cut their price objective 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. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. Finally, KeyCorp lowered 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.

AbCellera Biologics Trading Down 4.1 %

The stock has a market cap of $666.00 million, a P/E ratio of -3.66 and a beta of 0.45. The stock’s 50-day moving average is $3.04 and its 200-day moving average is $2.83.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently modified their holdings of the company. DKM Wealth Management Inc. bought a new position in AbCellera Biologics during the fourth quarter valued at about $29,000. State of New Jersey Common Pension Fund D acquired a new stake in AbCellera Biologics in the 4th quarter valued at about $36,000. Balyasny Asset Management L.P. bought a new position in shares of AbCellera Biologics during the 4th quarter valued at about $40,000. Mariner LLC acquired a new position in shares of AbCellera Biologics in the 4th quarter worth approximately $42,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of AbCellera Biologics in the 4th quarter worth approximately $46,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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.