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

AbCellera Biologics Inc. (NASDAQ:ABCL)’s share price reached a new 52-week low on Monday . The stock traded as low as $1.89 and last traded at $1.90, with a volume of 411734 shares trading hands. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

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

AbCellera Biologics Stock Performance

The firm has a market cap of $591.51 million, a price-to-earnings ratio of -3.25 and a beta of 0.50. The firm’s 50 day moving average is $2.74 and its 200-day moving average is $2.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ABCL. Walleye Capital LLC acquired a new stake in shares of AbCellera Biologics in the third quarter valued at about $668,000. Quadrature Capital Ltd boosted its holdings in AbCellera Biologics by 328.0% in the 3rd quarter. Quadrature Capital Ltd now owns 59,617 shares of the company’s stock valued at $154,000 after purchasing an additional 45,688 shares during the period. State Street Corp increased its holdings in shares of AbCellera Biologics by 1.5% during the 3rd quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after purchasing an additional 4,679 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in shares of AbCellera Biologics by 58.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock worth $88,000 after acquiring an additional 12,500 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company’s stock valued at $925,000 after purchasing an additional 21,483 shares during the period. 61.42% of the stock is currently owned by institutional investors and hedge funds.

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.