AbCellera Biologics (NASDAQ:ABCL) Stock Price Down 8.5% – Here’s Why

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) fell 8.5% during mid-day trading on Thursday . The company traded as low as $3.19 and last traded at $3.18. 2,079,259 shares changed hands during trading, a decline of 48% from the average session volume of 3,991,718 shares. The stock had previously closed at $3.47.

Analyst Ratings Changes

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

AbCellera Biologics Trading Down 9.1 %

The firm’s fifty day moving average price is $3.08 and its 200-day moving average price is $2.83. The company has a market cap of $931.89 million, a price-to-earnings ratio of -5.19 and a beta of 0.42.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently modified their holdings of the business. Arcadia Investment Management Corp MI acquired a new position in shares of AbCellera Biologics in the 3rd quarter valued at approximately $26,000. DKM Wealth Management Inc. acquired a new position in shares of AbCellera Biologics in the fourth quarter valued at approximately $29,000. State of New Jersey Common Pension Fund D bought a new stake in shares of AbCellera Biologics during the fourth quarter worth $36,000. Balyasny Asset Management L.P. bought a new stake in AbCellera Biologics in the 4th quarter valued at $40,000. Finally, Mariner LLC acquired a new position in AbCellera Biologics in the 4th quarter worth $42,000. 61.42% of the stock is currently owned by institutional investors.

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.