AbCellera Biologics (NASDAQ:ABCL) Shares Gap Up – Here’s What Happened

AbCellera Biologics Inc. (NASDAQ:ABCL) gapped up before the market opened on Tuesday . The stock had previously closed at $3.27, but opened at $3.42. AbCellera Biologics shares last traded at $3.58, with a volume of 1,602,312 shares.

Analysts Set New Price Targets

ABCL has been the topic of several research analyst reports. Stifel Nicolaus restated a “buy” rating and set a $12.00 target price (down from $14.00) on shares of AbCellera Biologics in a report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of AbCellera Biologics in a research report on Tuesday, November 5th. Finally, KeyCorp cut their price objective on shares of AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th.

AbCellera Biologics Trading Down 9.5 %

The stock has a market cap of $927.46 million, a P/E ratio of -5.15 and a beta of 0.42. The company has a 50 day simple moving average of $3.08 and a 200 day simple moving average of $2.83.

Hedge Funds Weigh In On AbCellera Biologics

Several hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC raised its holdings in AbCellera Biologics by 333.1% during the fourth quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock worth $169,000 after acquiring an additional 44,367 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of AbCellera Biologics by 19.8% during the fourth quarter. Two Sigma Advisers LP now owns 2,608,400 shares of the company’s stock worth $7,643,000 after buying an additional 430,800 shares in the last quarter. Two Sigma Investments LP raised its stake in 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. Tang Capital Management LLC raised its position in shares of AbCellera Biologics by 12.3% in the fourth quarter. Tang Capital Management LLC now owns 2,582,816 shares of the company’s stock valued at $7,568,000 after buying an additional 282,816 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of AbCellera Biologics by 96.7% during the 4th quarter. Millennium Management LLC now owns 1,482,715 shares of the company’s stock valued at $4,344,000 after acquiring an additional 728,828 shares during the period. 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.