AbCellera Biologics (NASDAQ:ABCL) Trading 8.8% Higher – Still a Buy?

Shares of AbCellera Biologics Inc. (NASDAQ:ABCL) shot up 8.8% during mid-day trading on Friday . The company traded as high as $2.23 and last traded at $2.25. 325,428 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,531,975 shares. The stock had previously closed at $2.07.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ABCL shares. KeyCorp cut 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. Stifel Nicolaus reduced their price target on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, Benchmark reiterated a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd.

AbCellera Biologics Trading Up 15.9 %

The stock has a market cap of $715.17 million, a price-to-earnings ratio of -3.93 and a beta of 0.50. The company has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $2.77.

Institutional Investors Weigh In On AbCellera Biologics

A number of institutional investors and hedge funds have recently modified their holdings of ABCL. JPMorgan Chase & Co. raised its position in shares of AbCellera Biologics by 6.4% in 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. Moloney Securities Asset Management LLC bought a new position in AbCellera Biologics in the 4th quarter valued at about $265,000. State Street Corp lifted its position in AbCellera Biologics by 1.5% during the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after acquiring an additional 4,679 shares during the last quarter. HighTower Advisors LLC lifted its position in AbCellera Biologics by 577.9% during the fourth quarter. HighTower Advisors LLC now owns 71,086 shares of the company’s stock worth $208,000 after acquiring an additional 60,600 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of AbCellera Biologics by 10.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company’s stock valued at $184,000 after purchasing an additional 5,955 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.