Why AbCellera Biologics Is Still A Buy Despite Dropping Royalties: Analyst On Long-Term Prospects

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.