AbCellera Biologics (NASDAQ:ABCL) Stock Price Up 5.9% – Should You Buy?

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

Analyst Upgrades and Downgrades

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

AbCellera Biologics Trading Up 4.8 %

The company has a fifty day moving average of $2.82 and a 200-day moving average of $2.81. The company has a market capitalization of $652.59 million, a price-to-earnings ratio of -3.59 and a beta of 0.45.

Institutional Investors Weigh In On AbCellera Biologics

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

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.