AbCellera price target lowered to $32 from $40 at BMO Capital

BMO Capital lowered the firm’s price target on AbCellera (ABCL) to $32 from $40 but keeps an Outperform rating on the shares. The company’s Q4 results were roughly in line with expectations as research fees upside offset lower b-mab royalty revenue from Eli Lilly (LLY), the analyst tells investors in a research note. The firm added that AbCellera’s solid momentum continued in Q4 as the company progressed one new molecule into clinic – NovaRock’s NBL-020 from Trianni platform – and signed two high-quality partnerships with AbbVie (ABBV) and RallyBio.