AbCellera Biologics (NASDAQ:ABCL) Trading Down 3.4% – Here’s Why

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price traded down 3.4% during trading on Monday . The company traded as low as $2.46 and last traded at $2.44. 261,978 shares changed hands during trading, a decline of 89% from the average session volume of 2,320,570 shares. The stock had previously closed at $2.52.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus cut their price target on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, February 28th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Finally, KeyCorp lowered their price target on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th.

AbCellera Biologics Stock Down 1.8 %

The company has a 50 day moving average of $2.97 and a 200 day moving average of $2.83. The stock has a market capitalization of $737.52 million, a price-to-earnings ratio of -4.04 and a beta of 0.45.

Institutional Investors Weigh In On AbCellera Biologics

Hedge funds have recently modified their holdings of the stock. Walleye Capital LLC acquired a new position in AbCellera Biologics during the third quarter worth approximately $668,000. JPMorgan Chase & Co. boosted its position in shares of AbCellera Biologics by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after buying an additional 21,483 shares during the period. GSA Capital Partners LLP grew its stake in shares of AbCellera Biologics by 991.3% in the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock valued at $629,000 after buying an additional 219,703 shares in the last quarter. Moloney Securities Asset Management LLC purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at about $265,000. Finally, State Street Corp lifted its position in AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after acquiring an additional 4,679 shares in the last quarter. 61.42% of the stock is 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.