AbCellera Biologics (NASDAQ:ABCL) Shares Up 5.9% – What’s Next?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares traded up 5.9% on Wednesday . The stock traded as high as $2.18 and last traded at $2.21. 742,332 shares were traded during trading, a decline of 69% from the average session volume of 2,431,459 shares. The stock had previously closed at $2.09.

Wall Street Analyst Weigh In

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

AbCellera Biologics Stock Performance

The firm has a market capitalization of $652.59 million, a PE ratio of -3.59 and a beta of 0.45. The business’s fifty day simple moving average is $2.82 and its 200-day simple moving average is $2.81.

Institutional Investors Weigh In On AbCellera Biologics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DKM Wealth Management Inc. bought a new stake in AbCellera Biologics in the fourth quarter worth $29,000. State of New Jersey Common Pension Fund D purchased a new position in shares of AbCellera Biologics during the fourth quarter valued at $36,000. Balyasny Asset Management L.P. purchased a new stake in AbCellera Biologics in the fourth quarter worth about $40,000. Mariner LLC purchased a new position in AbCellera Biologics during the 4th quarter valued at about $42,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of AbCellera Biologics in the 4th quarter valued at about $46,000. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

About AbCellera Biologics

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.