Norges Bank Acquires New Position in AbCellera Biologics Inc. (NASDAQ:ABCL)

Norges Bank acquired a new position in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,284,533 shares of the company's stock, valued at approximately $3,764,000. Norges Bank owned 0.43% of AbCellera Biologics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ABCL. State Street Corp raised its stake 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 buying an additional 4,679 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of AbCellera Biologics by 10.5% during the 4th 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 in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in AbCellera Biologics during the fourth quarter worth approximately $36,000. B. Riley Wealth Advisors Inc. increased its holdings in AbCellera Biologics by 58.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company's stock worth $88,000 after purchasing an additional 12,500 shares in the last quarter. Finally, IMG Wealth Management Inc. acquired a new position in AbCellera Biologics in the fourth quarter valued at approximately $56,000. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Price Performance

Shares of NASDAQ ABCL traded down $0.02 during mid-day trading on Wednesday, reaching $2.42. 505,798 shares of the company's stock traded hands, compared to its average volume of 2,579,703. AbCellera Biologics Inc. has a 1-year low of $1.89 and a 1-year high of $4.34. The stock has a market cap of $719.64 million, a P/E ratio of -3.94 and a beta of 0.50. The business has a 50-day simple moving average of $2.55 and a 200 day simple moving average of $2.77.

Wall Street Analyst Weigh In

ABCL has been the subject of several research analyst reports. Benchmark reiterated a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Stifel Nicolaus cut their price objective 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, KeyCorp boosted their target price on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Wednesday.

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.