Tang Capital Management LLC Increases Stock Position in AbCellera Biologics Inc. (NASDAQ:ABCL)

Tang Capital Management LLC raised its stake in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 12.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,582,816 shares of the company's stock after purchasing an additional 282,816 shares during the quarter. Tang Capital Management LLC owned 0.87% of AbCellera Biologics worth $7,568,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its position in AbCellera Biologics by 10.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company's stock worth $184,000 after buying an additional 5,955 shares during the period. DKM Wealth Management Inc. acquired a new stake in shares of AbCellera Biologics in the 4th quarter worth approximately $29,000. State of New Jersey Common Pension Fund D purchased a new position in AbCellera Biologics in the 4th quarter valued at approximately $36,000. Balyasny Asset Management L.P. purchased a new position in AbCellera Biologics in the 4th quarter valued at approximately $40,000. Finally, Mariner LLC acquired a new position in AbCellera Biologics during the fourth quarter worth $42,000. 61.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Stifel Nicolaus dropped 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. KeyCorp raised their target price on shares of AbCellera Biologics from $4.00 to $5.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Truist Financial reduced their price target on shares of AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Finally, Benchmark reissued a "hold" rating on shares of AbCellera Biologics in a research note on Monday, March 3rd.

AbCellera Biologics Price Performance

NASDAQ:ABCL traded down $0.04 on Friday, reaching $1.97. The stock had a trading volume of 831,947 shares, compared to its average volume of 2,886,082. AbCellera Biologics Inc. has a 12-month low of $1.89 and a 12-month high of $4.34. The company has a market cap of $586.40 million, a price-to-earnings ratio of -3.22 and a beta of 0.46. The firm's fifty day moving average is $2.27 and its two-hundred day moving average is $2.70.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative net margin of 533.32% and a negative return on equity of 15.73%. The business had revenue of $4.24 million during the quarter, compared to analyst estimates of $7.12 million. As a group, research analysts forecast that AbCellera Biologics Inc. will post -0.59 earnings per share for the current fiscal year.

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.