AbCellera Biologics Inc. (NASDAQ:ABCL) Sees Significant Decline in Short Interest

AbCellera Biologics Inc. (NASDAQ:ABCLGet Rating) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 18,230,000 shares, a decrease of 6.7% from the October 15th total of 19,530,000 shares. Based on an average daily trading volume, of 1,830,000 shares, the short-interest ratio is currently 10.0 days. Approximately 9.4% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Piper Sandler decreased their price objective on shares of AbCellera Biologics from $22.00 to $21.00 in a report on Tuesday, November 1st. Truist Financial assumed coverage on shares of AbCellera Biologics in a research note on Wednesday. They issued a “buy” rating and a $29.00 price target for the company. Credit Suisse Group cut their price target on shares of AbCellera Biologics from $40.00 to $34.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Finally, SVB Leerink boosted their price objective on shares of AbCellera Biologics from $13.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, November 9th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $28.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. lifted its position in shares of AbCellera Biologics by 20.9% during the second quarter. Baillie Gifford & Co. now owns 13,354,715 shares of the company’s stock worth $142,227,000 after purchasing an additional 2,305,950 shares during the last quarter. BlackRock Inc. raised its holdings in AbCellera Biologics by 6.3% in the third quarter. BlackRock Inc. now owns 12,569,140 shares of the company’s stock worth $124,310,000 after purchasing an additional 743,808 shares in the last quarter. Credit Suisse AG raised its holdings in AbCellera Biologics by 58.1% in the third quarter. Credit Suisse AG now owns 4,101,471 shares of the company’s stock worth $40,564,000 after purchasing an additional 1,507,513 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of AbCellera Biologics by 54.2% during the second quarter. Renaissance Technologies LLC now owns 4,036,303 shares of the company’s stock worth $42,987,000 after acquiring an additional 1,418,700 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of AbCellera Biologics by 4.9% during the second quarter. Lazard Asset Management LLC now owns 3,346,497 shares of the company’s stock worth $35,640,000 after acquiring an additional 156,660 shares during the last quarter. 44.42% of the stock is owned by hedge funds and other institutional investors.

AbCellera Biologics Trading Down 3.0 %

NASDAQ ABCL opened at $14.08 on Friday. AbCellera Biologics has a 12 month low of $5.42 and a 12 month high of $15.90. The company’s 50 day moving average is $11.09 and its two-hundred day moving average is $10.29. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 17.70 and a beta of -0.54.

About AbCellera Biologics

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AbCellera Biologics Inc develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be developed as drugs. As of December 31, 2021, the company had 156 discovery programs that are either completed, in progress, or under contract with 36 partners.

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