AbCellera Biologics (NASDAQ:ABCL) Hits New 52-Week Low – Should You Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.11 and last traded at $2.12, with a volume of 2602457 shares. The stock had previously closed at $2.23.

Analyst Ratings Changes

ABCL has been the topic of a number of research analyst reports. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. KeyCorp decreased their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Stifel Nicolaus dropped their target price on shares of 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 Down 5.9 %

The firm’s fifty day moving average price is $2.79 and its two-hundred day moving average price is $2.81. The stock has a market capitalization of $622.79 million, a PE ratio of -3.43 and a beta of 0.45.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds and other institutional investors have recently modified their holdings of ABCL. Capital World Investors purchased a new stake in AbCellera Biologics during the fourth quarter valued at $23,245,000. Guardian Partners Inc. purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at about $5,413,000. Norges Bank purchased a new stake in shares of AbCellera Biologics during the 4th quarter valued at about $3,764,000. Millennium Management LLC lifted its stake in shares of AbCellera Biologics by 96.7% in the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock worth $4,344,000 after purchasing an additional 728,828 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in shares of AbCellera Biologics by 28.6% in the fourth quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after buying an additional 723,676 shares during the last quarter. 61.42% of the stock is owned by 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.