AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL) shares gapped down prior to trading on Friday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. The stock had previously closed at $2.92, but opened at $2.72. Stifel Nicolaus currently has a buy rating on the stock. AbCellera Biologics shares last traded at $2.42, with a volume of 1,407,442 shares trading hands.

A number of other equities analysts also recently weighed in on ABCL. KeyCorp dropped their target price on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

Institutional Trading of AbCellera Biologics

A number of institutional investors have recently bought and sold shares of ABCL. Arcadia Investment Management Corp MI acquired a new position in shares of AbCellera Biologics in the 3rd quarter valued at $26,000. DKM Wealth Management Inc. bought a new stake in AbCellera Biologics in the fourth quarter valued at about $29,000. State of New Jersey Common Pension Fund D acquired a new position in AbCellera Biologics in the fourth quarter valued at about $36,000. Balyasny Asset Management L.P. bought a new position in AbCellera Biologics during the fourth quarter worth about $40,000. Finally, Mariner LLC bought a new position in AbCellera Biologics during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

The company has a 50-day moving average price of $3.10 and a 200-day moving average price of $2.84. The company has a market capitalization of $765.00 million, a price-to-earnings ratio of -4.25 and a beta of 0.42.

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.