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AbCellera Collaborates with Moderna; Shares Rise 7.1%
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AbCellera Collaborates with Moderna; Shares Rise 7.1%

Shares of biotechnology firm AbCellera Biologics Inc. (ABCL) jumped 7.1% on Wednesday after the company entered into a multi-year, multi-target research collaboration and license agreement with Moderna. The stock, however, pared its gains by 1.6% in extended trade and closed at $18.51.

As per the agreement, Moderna will make use of AbCellera’s AI-enabled technology to search and analyze natural immune responses and identify therapeutic antibodies against up to six targets selected by Moderna.

Further, AbCellera will receive research payments and will be eligible for downstream clinical and commercial milestone payments and royalties on net sales of products.

Meanwhile, Moderna will have the right to develop and commercialize antibodies resulting from the collaboration.

The CEO of AbCellera, Carl Hansen, said, “Over the past year, Moderna has demonstrated the speed and impact of its mRNA vaccine technology in helping to protect people around the world. We are excited to work alongside their team to advance RNA-encoded antibodies as a new frontier in genetic medicines.” (See AbCellera stock chart on TipRanks)

On September 15, Berenberg Bank analyst Gal Munda reiterated a Buy rating on the stock with a price target of $48. The analyst’s price target implies upside potential of 155.2% from current levels.

Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average AbCellera price target of $36.50 implies upside potential of 94.1% from current levels.

AbCellera scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have declined 68.1% over the past year.

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