AbCellera Biologics (NASDAQ:ABCL) Shares Gap Down - Should You Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $2.42, but opened at $2.31. AbCellera Biologics shares last traded at $2.44, with a volume of 375,484 shares traded.

Analysts Set New Price Targets

ABCL has been the topic of several research analyst reports. KeyCorp boosted their price objective on AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. Finally, Stifel Nicolaus lowered their price objective on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, February 28th.

AbCellera Biologics Price Performance

The firm has a market capitalization of $765.83 million, a price-to-earnings ratio of -4.21 and a beta of 0.50. The firm has a 50 day moving average price of $2.44 and a 200-day moving average price of $2.77.

Institutional Investors Weigh In On AbCellera Biologics

Hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its stake in AbCellera Biologics by 1.5% in 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. B. Riley Wealth Advisors Inc. lifted its position in shares of AbCellera Biologics by 58.1% during the 3rd 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 during the last quarter. JPMorgan Chase & Co. grew its stake in shares of AbCellera Biologics by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 355,747 shares of the company's stock worth $925,000 after purchasing an additional 21,483 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in 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 buying an additional 5,955 shares during the last quarter. Finally, Moloney Securities Asset Management LLC acquired a new stake in AbCellera Biologics in the fourth quarter valued at $265,000. Institutional investors and hedge funds own 61.42% of the company's stock.

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.