Pier 88 Investment Partners LLC Acquires 41,400 Shares of AbCellera Biologics Inc. (NASDAQ:ABCL)

Pier 88 Investment Partners LLC grew its holdings in AbCellera Biologics Inc. (NASDAQ:ABCL) by 21.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 236,900 shares of the company’s stock after purchasing an additional 41,400 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in AbCellera Biologics were worth $694,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. State of New Jersey Common Pension Fund D acquired a new stake in shares of AbCellera Biologics in the 4th quarter valued at $36,000. IMG Wealth Management Inc. bought a new position in AbCellera Biologics during the fourth quarter valued at about $56,000. Raymond James Financial Inc. acquired a new stake in shares of AbCellera Biologics in the fourth quarter worth about $57,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of AbCellera Biologics during the 4th quarter worth about $63,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of AbCellera Biologics by 58.1% during 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 in the last quarter. Institutional investors and hedge funds own 61.42% of the company’s stock.

Analysts Set New Price Targets

ABCL has been the subject of several analyst reports. Stifel Nicolaus reduced their target price on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, February 28th. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Finally, KeyCorp lowered their target price on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th.

AbCellera Biologics Stock Down 2.1 %

Shares of NASDAQ:ABCL opened at $2.31 on Monday. The company has a market cap of $688.35 million, a price-to-earnings ratio of -3.79 and a beta of 0.45. The business has a 50 day moving average price of $2.86 and a 200 day moving average price of $2.82. AbCellera Biologics Inc. has a twelve month low of $2.11 and a twelve month high of $4.75.

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.