LLY - Why AbCellera Biologics Stock Jumped 7% on Wednesday
Shares of AbCellera Biologics (NASDAQ: ABCL) closed 7.1% higher today following news of a new partnership with Moderna (NASDAQ: MRNA) , one of the first names to develop an effective COVID-19 vaccine.
Moderna has been given much of the credit for coming up with its vaccine. But at least some of that credit is displaced. AbCellera Biologics was developing other know-how needed to make effective treatments since well before COVID . Although one of its top coronavirus-therapy efforts with Eli Lilly (NYSE: LLY) was suspended over safety concerns late last year, the underlying artificial intelligence-powered technology still has its place.
Indeed, AbCellera and Lilly went on to successfully co-create bamlanivimab, which for a short while was an approved treatment in the U.S. for COVID, driving a massive revenue surge for AbCellera.
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Why AbCellera Biologics Stock Jumped 7% on Wednesday