Tang Capital Management LLC Has $7.57 Million Stake in AbCellera Biologics Inc. (NASDAQ:ABCL)

Tang Capital Management LLC raised its position in AbCellera Biologics Inc. (NASDAQ:ABCL - Free Report) by 12.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 about 0.87% of AbCellera Biologics worth $7,568,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ABCL. China Universal Asset Management Co. Ltd. increased its position in AbCellera Biologics by 10.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 62,629 shares of the company's stock valued at $184,000 after acquiring an additional 5,955 shares during the period. DKM Wealth Management Inc. acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at $29,000. State of New Jersey Common Pension Fund D acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at $36,000. Balyasny Asset Management L.P. acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at $40,000. Finally, Mariner LLC acquired a new position in shares of AbCellera Biologics during the 4th quarter valued at $42,000. Institutional investors own 61.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. KeyCorp lifted their target price on AbCellera Biologics from $4.00 to $5.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. Truist Financial reduced their price objective on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Benchmark reaffirmed a "hold" rating on shares of AbCellera Biologics in a research report on Monday, March 3rd. Finally, Stifel Nicolaus lowered their target price on shares of AbCellera Biologics from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, February 28th.

AbCellera Biologics Stock Performance

ABCL stock traded down $0.10 during midday trading on Wednesday, hitting $1.99. 2,339,427 shares of the company's stock were exchanged, compared to its average volume of 2,890,132. The stock's fifty day moving average price is $2.29 and its 200-day moving average price is $2.71. The company has a market cap of $593.86 million, a PE ratio of -3.26 and a beta of 0.46. AbCellera Biologics Inc. has a one year low of $1.89 and a one year high of $4.34.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.02. AbCellera Biologics had a negative return on equity of 15.73% and a negative net margin of 533.32%. The business had revenue of $4.24 million for the quarter, compared to the consensus estimate of $7.12 million. On average, analysts expect that AbCellera Biologics Inc. will post -0.59 EPS for the current year.

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.