LLY - Why AbCellera Biologics Is Still A Buy Despite Dropping Royalties: Analyst On Long-Term Prospects | Benzinga
Benchmark analyst Robert Wasserman reiterated a Buy rating on AbCellera Biologics Inc. (NASDAQ: ABCL), lowering the price target to $12 on reduced valuations for other drug discovery stocks.
AbCellera's shares have declined recently following peaks during the pandemic-fueled boom as royalties from sales of R&D partner Eli Lilly And Company's (NYSE: LLY) COVID-19 antibody therapeutics have disappeared, the analyst notes.
The analyst added that beyond the two already marketed COVID-19 antibodies partnered with Eli Lilly, AbCellera has seven molecules in the clinical pipeline.
The analyst noted that the long-term prospects ...