AbCellera price target lowered to $7 from $8 at KeyBanc

KeyBanc lowered the firm’s price target on AbCellera to $7 from $8 to reflect our lowered estimates and peer valuations, while keeping an Overweight rating on the shares. The firm believes the company is at an inflection point with the build-out of its manufacturing capabilities, making it fully integrated from target through to the clinic. AbCellera continues to take steps toward the monetization of a drug as the company made the decision to shift more resources to its internal pipeline in light of the progress with its two programs, KeyBanc adds.