AbCellera Biologics (ABCL) PT Raised to $8 at Stifel on Positive Data for ABCL635

Stifel analyst Stephen Wiley raised the price target on AbCellera Biologics (NASDAQ: ABCL) to $8.00 (from $7.00) while maintaining a Buy rating.

The analyst commented, "We believe today’s post-close disclosure of preliminary safety and PK/PD data from the single-ascending dose portion of the P1 dose-escalation trial evaluating ABCL635 represents an important first step in the longer-term de-risking of this program – with the comparatively greater absolute reduction and sustained suppression of testosterone observed with ABCL635 (vs. fezolinetant P1 PD data) supporting robust target engagement, building anticipation ahead of 3Q26 P2 efficacy data (VMS frequency/severity), and strengthening the rationale for ABCL635 potentially achieving greater clinical benefit vs. those FDAapproved small molecule NK3R antagonists which are dosed sub-optimally due to safety liabilities. Our updated model reflects management’s de-prioritization of the high-volume partnership business model, and we now assume ABCL635 peak U.S. sales of $1.4B and $800M in menopause-related VMS and oncology-related (specifically early-stage breast cancer) VMS, respectively – assumptions that we believe skew conservatively given Astellas’ current $1.4B peak Veozah (fezolinetant) sales guidance and ABCL635’s improved product profile."

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