AbCellera Biologics (NASDAQ:ABCL) Sets New 12-Month Low Following Analyst Downgrade

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price reached 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.

Several other analysts also recently weighed in on the company. KeyCorp cut their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research note on Tuesday, November 5th.

Institutional Inflows and Outflows

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

AbCellera Biologics Stock Down 11.3 %

The company has a market cap of $765.00 million, a PE ratio of -4.25 and a beta of 0.42. The company’s fifty day moving average is $3.10 and its 200-day moving average is $2.84.

AbCellera Biologics Company Profile

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.