Goldman Sachs Starts AbCellera Biologics (ABCL) at Buy

Goldman Sachs analyst Andrea Tan initiates coverage on AbCellera Biologics (NASDAQ: ABCL) with a Buy rating and a price target of $30.00.

The analyst comments "We initiate on AbCellera Biologics (ABCL) with a Buy rating and 12-month PT of $30. ABCL is a company positioned at the intersection of biotech and tech and is developing a best-in-class antibody discovery platform with the goal of becoming the centralized operating system for drug developers. Notably, the complete end-to-end solution enabled by a full-stack, AI-powered technology is designed to bring an idea (desired target or antibody specifications) to IND filing with improved probability of clinical and commercial success. Further, we are constructive on the partnership model as it supports a large and diverse portfolio without the risk normally associated with drug development and enables ABCL to capture downstream value through royalties, milestones, equity, and co-invest options (GSe peak revenue of $3.9bn in 2040 assuming 25 new program starts a year with risk-adjusted advancement through clinical development; details within). In the near-term, validation of ABCL's technical capabilities and ability to discover antibodies against historically difficult targets (e.g. G-protein coupled receptors (GPCRs)) could come as early as 2023, where positive data will shed light on the potential of the platform to identify other intractable targets while also spurring strategic interest from a partner."

For an analyst ratings summary and ratings history on AbCellera Biologics click here. For more ratings news on AbCellera Biologics click here.

Shares of AbCellera Biologics closed at $10.13 yesterday.

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