AbCellera Biologics (NASDAQ:ABCL) Shares Down 3.4% – Should You Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL) fell 3.4% on Monday . The stock traded as low as $2.46 and last traded at $2.44. 261,978 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 2,320,570 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ABCL. Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. KeyCorp reduced their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Stifel Nicolaus reduced their price target on 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 Performance

The firm has a fifty day simple moving average of $2.94 and a 200 day simple moving average of $2.82. The company has a market capitalization of $700.27 million, a PE ratio of -3.85 and a beta of 0.45.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Capital World Investors purchased a new position in shares of AbCellera Biologics in the 4th quarter valued at $23,245,000. Guardian Partners Inc. purchased a new position in shares of AbCellera Biologics in the 4th quarter valued at $5,413,000. Norges Bank purchased a new position in shares of AbCellera Biologics in the 4th quarter valued at $3,764,000. Millennium Management LLC boosted its position 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 in the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of AbCellera Biologics by 28.6% in the 4th quarter. Two Sigma Investments LP now owns 3,257,311 shares of the company’s stock worth $9,544,000 after purchasing an additional 723,676 shares in the last quarter. 61.42% of the stock is currently owned by hedge funds and other institutional investors.

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.