Bebtelovimab losing EUA has ‘limited impact’ on Piper model for AbCellera

After the FDA removed its Emergency Use Authorization, or EUA, for COVID antibody bebtelovimab citing a lack of neutralizing activity on subvariants BQ.1 and BQ.1.1, Piper Sandler analyst Do Kim lowered his Q4 beb-mab royalty estimate and removed future sales, but said this has "limited impact" on his model for AbCellera (ABCL). The analyst, who noted that AbCellera previously confirmed a new antibody candidate has been identified under the collaboration with Eli Lilly (LLY), maintains a $21 price target and Overweight rating on AbCellera shares.