Short Interest in AbCellera Biologics Inc. (NASDAQ:ABCL) Expands By 6.8%

AbCellera Biologics Inc. (NASDAQ:ABCL) saw a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 18,430,000 shares, a growth of 6.8% from the January 15th total of 17,260,000 shares. Based on an average daily volume of 3,150,000 shares, the days-to-cover ratio is presently 5.9 days. Approximately 8.3% of the shares of the company are short sold.

Institutional Trading of AbCellera Biologics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arcadia Investment Management Corp MI purchased a new position in shares of AbCellera Biologics in the third quarter worth approximately $26,000. NBC Securities Inc. grew its position in AbCellera Biologics by 56.0% during the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after purchasing an additional 4,100 shares in the last quarter. DKM Wealth Management Inc. acquired a new stake in AbCellera Biologics during the 4th quarter valued at $29,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $36,000. Finally, Mariner LLC purchased a new stake in shares of AbCellera Biologics in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Up 4.1 %

Shares of NASDAQ ABCL opened at $3.27 on Monday. AbCellera Biologics has a 12 month low of $2.34 and a 12 month high of $5.45. The company has a market cap of $965.86 million, a price-to-earnings ratio of -5.36 and a beta of 0.42. The business has a fifty day simple moving average of $3.06 and a 200-day simple moving average of $2.82.

Analysts Set New Price Targets

Several analysts recently issued reports on ABCL shares. KeyCorp cut their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Tuesday, November 5th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

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.