AbCellera Biologics (NASDAQ:ABCL) Trading Down 3.4% – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) shares fell 3.4% on Monday . The company traded as low as $2.46 and last traded at $2.44. 261,978 shares traded hands during trading, a decline of 89% from the average session volume of 2,320,570 shares. The stock had previously closed at $2.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. KeyCorp cut their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Finally, Stifel Nicolaus dropped their price objective on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, February 28th.

AbCellera Biologics Stock Performance

The company’s fifty day simple moving average is $2.97 and its two-hundred day simple moving average is $2.83. The company has a market capitalization of $737.52 million, a price-to-earnings ratio of -4.04 and a beta of 0.45.

Hedge Funds Weigh In On AbCellera Biologics

A number of hedge funds have recently bought and sold shares of the company. Capital World Investors bought a new position in AbCellera Biologics during the 4th quarter worth approximately $23,245,000. Two Sigma Investments LP lifted its stake in AbCellera Biologics by 28.6% during the fourth quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after purchasing an additional 723,676 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in AbCellera Biologics by 19.8% in the fourth quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after purchasing an additional 430,800 shares during the period. Tang Capital Management LLC increased its stake in AbCellera Biologics by 12.3% during the fourth quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock valued at $7,568,000 after purchasing an additional 282,816 shares during the last quarter. Finally, Guardian Partners Inc. acquired a new stake in shares of AbCellera Biologics during the fourth quarter worth $5,413,000. 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.