Truist Financial Reiterates a Buy Rating on AbCellera Biologics (ABCL), Sets a $10 PT

AbCellera Biologics Inc. (NASDAQ:ABCL) is one of the top strong buy stocks under $5 to buy now. In a report released on August 14, Srikripa Devarakonda from Truist Financial reiterated a Buy rating on AbCellera Biologics Inc. (NASDAQ:ABCL), setting a price target of $10.00.

AbCellera Biologics Inc. (NASDAQ:ABCL) reported its fiscal Q2 results on August 7, stating that it hit two critical milestones in the quarter: attaining authorization for the initiation of Phase 1 studies for both ABCL635 and ABCL575.

Carl Hansen, Ph.D., founder and CEO of AbCellera Biologics Inc. (NASDAQ:ABCL), told investors that the company successfully began dosing the first participants in the Phase 1 study of ABCL635, marking a “landmark achievement” for the company as it completes its transition to a clinical-stage biotechnology company.

Hansen added that with more than $750 million in available liquidity, AbCellera Biologics Inc. (NASDAQ:ABCL) is well-positioned to continue the execution of its strategy.

AbCellera Biologics (NASDAQ:ABCL) solves antibody discovery problems by integrating data science, technology, infrastructure, and interdisciplinary teams.

The company develops and discovers antibody medicines for indications across therapeutic areas, including metabolic and endocrine conditions, cancer, and autoimmune disorders.

It boasts technology platforms that unlock drug classes, modalities, and targets, including T-cell engagers, peptide-MHCs, and transmembrane proteins.

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Disclosure: None. This article is originally published at Insider Monkey.