BMO Capital analyst Evan Seigerman has reiterated their bullish stance on ABCL stock, giving a Buy rating on January 5.
Evan Seigerman has given his Buy rating due to a combination of factors surrounding AbCellera Biologics’s prospects and strategies. Despite not securing a partner for their T-cell engager (TCE) program in 2023, management has a strong conviction that a partnership will be forged in 2024, based on the impressive capabilities of their TCE assets and the demonstrated interest from the pharmaceutical industry in such technologies. Seigerman’s confidence stems from the fact that there has been a trend towards acquisitions and development of TCE assets by major pharmaceutical companies, which suggests a favorable environment for AbCellera to enter into a lucrative deal.
Furthermore, the focus on internal pipeline updates, particularly for ABCL575 and ‘635, is anticipated to be a major catalyst for the company. The shift in strategy to prioritize the advancement of internal assets has been viewed positively by Seigerman, as it has the potential to significantly enhance shareholder value. While breakthroughs in AI drug development are considered an important aspect of the company’s future, the expectation is that these will take longer to materialize, suggesting a more measured but persistent approach to innovation.
In another report released on January 5, KeyBanc also maintained a Buy rating on the stock with a $8.00 price target.
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Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ABCL in relation to earlier this year.
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AbCellera Biologics (ABCL) Company Description:
AbCellera Biologics Inc is a biotechnology company. The company develops antibodies to treat highly infectious diseases and various other types of diseases.
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