AbCellera Biologics Inc. (NASDAQ:ABCL) Shares Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC raised its holdings in AbCellera Biologics Inc. (NASDAQ:ABCL) by 21.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 236,900 shares of the company’s stock after acquiring an additional 41,400 shares during the quarter. Pier 88 Investment Partners LLC owned 0.08% of AbCellera Biologics worth $694,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in ABCL. State of New Jersey Common Pension Fund D acquired a new position in shares of AbCellera Biologics in the 4th quarter worth $36,000. IMG Wealth Management Inc. purchased a new position in AbCellera Biologics in the 4th quarter worth about $56,000. Raymond James Financial Inc. acquired a new stake in AbCellera Biologics during the 4th quarter worth about $57,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in AbCellera Biologics during the fourth quarter valued at about $63,000. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in shares of AbCellera Biologics by 58.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock worth $88,000 after buying an additional 12,500 shares during the period. Institutional investors and hedge funds own 61.42% of the company’s stock.

AbCellera Biologics Stock Performance

ABCL stock opened at $2.31 on Monday. The firm has a 50 day simple moving average of $2.86 and a 200 day simple moving average of $2.82. AbCellera Biologics Inc. has a 52 week low of $2.11 and a 52 week high of $4.75. The stock has a market cap of $688.35 million, a P/E ratio of -3.79 and a beta of 0.45.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ABCL. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a report on Monday, March 3rd. Stifel Nicolaus reduced their target price on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, KeyCorp lowered their price target on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th.

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.