AbCellera Biologics (NASDAQ:ABCL) Reaches New 52-Week Low on Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price hit a new 52-week low on Saturday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. Stifel Nicolaus currently has a buy rating on the stock. AbCellera Biologics traded as low as $2.31 and last traded at $2.59, with a volume of 9923651 shares traded. The stock had previously closed at $2.92.

ABCL has been the topic of several other research reports. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th. KeyCorp dropped their price target on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Arcadia Investment Management Corp MI purchased a new position in shares of AbCellera Biologics during the 3rd quarter valued at $26,000. DKM Wealth Management Inc. purchased a new position in shares of AbCellera Biologics during the 4th quarter valued at $29,000. State of New Jersey Common Pension Fund D purchased a new position in shares of AbCellera Biologics during the 4th quarter valued at $36,000. Balyasny Asset Management L.P. purchased a new position in shares of AbCellera Biologics during the 4th quarter valued at $40,000. Finally, Mariner LLC purchased a new position in shares of AbCellera Biologics during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The company has a market capitalization of $765.01 million, a P/E ratio of -4.25 and a beta of 0.42. The business’s fifty day simple moving average is $3.10 and its 200-day simple moving average is $2.84.

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.