ABCL - AbCellera: If You Build It Will They Come? Fresh Impetus Required
2024-05-16 08:39:00 ET
Summary
- AbCellera's valuation has shrunk by 80% since its IPO due to the withdrawal of its COVID antiviral, bamlanivimab.
- The company reported Q1 2024 revenues of $10 million, down from $12.2 million in the prior year period.
- AbCellera is focusing on completing its discovery engine and attracting partnerships to succeed long-term.
- The company has had to reset in the absence of Eli Lilly-partnered bamlanivimab - and its valuation is mainly supported by a health cash position of >$750m.
- It is going to take time to find the "blockbuster" drug candidate of Big Pharma partner willing to pay upfront fees, hence a "hold" recommendation.
Investment Overview AbCellera's Valuation Shrinks But Discovery Engine Nears Completion
AbCellera, the Vancouver, Canada based drug development specialist focused on antibody medicines, announced its Q1 2024 earnings last week....
AbCellera: If You Build It, Will They Come? Fresh Impetus Required