AbCellera Biologics Inc. (NASDAQ:ABCL) Short Interest Update

AbCellera Biologics Inc. (NASDAQ:ABCL) was the target of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 18,430,000 shares, an increase of 6.8% from the January 15th total of 17,260,000 shares. Based on an average daily volume of 3,150,000 shares, the days-to-cover ratio is presently 5.9 days. Currently, 8.3% of the company’s stock are short sold.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCL. Arcadia Investment Management Corp MI purchased a new position in shares of AbCellera Biologics in the third quarter worth $26,000. NBC Securities Inc. raised its position in AbCellera Biologics by 56.0% in the 3rd quarter. NBC Securities Inc. now owns 11,420 shares of the company’s stock worth $29,000 after buying an additional 4,100 shares during the last quarter. DKM Wealth Management Inc. purchased a new position in AbCellera Biologics in the 4th quarter worth about $29,000. State of New Jersey Common Pension Fund D bought a new position in AbCellera Biologics during the 4th quarter valued at about $36,000. Finally, Mariner LLC purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at about $42,000. 61.42% of the stock is owned by institutional investors.

AbCellera Biologics Stock Up 4.1 %

NASDAQ:ABCL opened at $3.27 on Friday. The stock has a market cap of $965.85 million, a price-to-earnings ratio of -5.36 and a beta of 0.42. The company’s 50 day moving average price is $3.06 and its 200-day moving average price is $2.83. AbCellera Biologics has a 52 week low of $2.34 and a 52 week high of $5.45.

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.