AbCellera Biologics (NASDAQ:ABCL) Hits New 12-Month Low – Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL)’s stock price hit a new 52-week low on Monday . The stock traded as low as $2.20 and last traded at $2.23, with a volume of 892602 shares changing hands. The stock had previously closed at $2.33.

Analysts Set New Price Targets

ABCL has been the topic of several recent research reports. Stifel Nicolaus cut their price objective on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. KeyCorp lowered their price objective 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. Finally, Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd.

AbCellera Biologics Price Performance

The firm’s fifty day simple moving average is $3.01 and its 200 day simple moving average is $2.83. The company has a market capitalization of $664.51 million, a price-to-earnings ratio of -3.66 and a beta of 0.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Walleye Capital LLC acquired a new stake in shares of AbCellera Biologics during the third quarter worth approximately $668,000. JPMorgan Chase & Co. boosted its holdings in shares of AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock worth $925,000 after purchasing an additional 21,483 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of AbCellera Biologics by 991.3% during the third quarter. GSA Capital Partners LLP now owns 241,866 shares of the company’s stock worth $629,000 after purchasing an additional 219,703 shares during the period. Moloney Securities Asset Management LLC acquired a new stake in shares of AbCellera Biologics during the fourth quarter worth approximately $265,000. Finally, State Street Corp boosted its holdings in shares of AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after purchasing an additional 4,679 shares during the period. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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.