AbCellera Biologics (NASDAQ:ABCL) Given New $5.00 Price Target at KeyCorp

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

Several other research analysts have also commented on ABCL. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Stifel Nicolaus reduced their price target on shares of AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, February 28th.

AbCellera Biologics Stock Performance

ABCL opened at $2.42 on Wednesday. The stock has a market capitalization of $721.13 million, a PE ratio of -3.97 and a beta of 0.50. The stock’s 50 day moving average price is $2.52 and its 200-day moving average price is $2.77. AbCellera Biologics has a 52-week low of $1.89 and a 52-week high of $4.34.

Hedge Funds Weigh In On AbCellera Biologics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABCL. DKM Wealth Management Inc. bought a new position in shares of AbCellera Biologics in the 4th quarter worth about $29,000. State of New Jersey Common Pension Fund D purchased a new stake in AbCellera Biologics in the fourth quarter worth about $36,000. Janney Montgomery Scott LLC bought a new position in shares of AbCellera Biologics during the first quarter valued at approximately $29,000. Balyasny Asset Management L.P. purchased a new position in shares of AbCellera Biologics during the fourth quarter valued at approximately $40,000. Finally, Mariner LLC purchased a new position in shares of AbCellera Biologics during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors 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.