AbCellera Biologics (NASDAQ:ABCL) Stock Price Expected to Rise, KeyCorp Analyst Says

AbCellera Biologics (NASDAQ:ABCL) had its price target increased by investment analysts at KeyCorp from $4.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 106.61% from the stock’s previous close.

Several other brokerages have also issued reports on ABCL. Benchmark reaffirmed a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Stifel Nicolaus dropped their target price 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.

AbCellera Biologics Stock Performance

AbCellera Biologics stock opened at $2.42 on Wednesday. AbCellera Biologics has a fifty-two week low of $1.89 and a fifty-two week high of $4.34. The stock has a market cap of $721.13 million, a P/E ratio of -3.97 and a beta of 0.50. The firm’s fifty day moving average price is $2.52 and its 200-day moving average price is $2.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter valued at about $29,000. GEM Asset Management LLC bought a new stake in AbCellera Biologics in the first quarter valued at approximately $63,000. Salem Investment Counselors Inc. boosted its stake in shares of AbCellera Biologics by 7.0% during the first quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company’s stock valued at $176,000 after purchasing an additional 5,150 shares during the period. Squarepoint Ops LLC grew its holdings in shares of AbCellera Biologics by 333.1% in the fourth quarter. Squarepoint Ops LLC now owns 57,685 shares of the company’s stock worth $169,000 after purchasing an additional 44,367 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of AbCellera Biologics by 19.8% in 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 during the period. 61.42% of the stock is owned by institutional investors.

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.