AbCellera Biologics (NASDAQ:ABCL) Shares Down 4.1% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price traded down 4.1% during trading on Tuesday . The stock traded as low as $2.49 and last traded at $2.49. 114,529 shares traded hands during trading, a decline of 95% from the average session volume of 2,386,285 shares. The stock had previously closed at $2.59.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. KeyCorp reduced their price target 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. Stifel Nicolaus cut their price objective on 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 reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd.

AbCellera Biologics Price Performance

The business’s 50-day moving average is $2.88 and its two-hundred day moving average is $2.82. The firm has a market cap of $721.13 million, a P/E ratio of -3.97 and a beta of 0.45.

Institutional Trading of AbCellera Biologics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Walleye Capital LLC acquired a new stake in AbCellera Biologics in the third quarter valued at $668,000. JPMorgan Chase & Co. lifted its position in AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after acquiring an additional 21,483 shares during the last quarter. Moloney Securities Asset Management LLC acquired a new position in shares of AbCellera Biologics in the fourth quarter valued at approximately $265,000. State Street Corp grew its holdings in AbCellera Biologics by 1.5% in the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock valued at $840,000 after buying an additional 4,679 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of AbCellera Biologics by 10.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company’s stock valued at $184,000 after acquiring an additional 5,955 shares in the last quarter. Institutional investors and hedge funds 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.