AbCellera Biologics Inc. (ABCL) shares soared 19.70% in after-hours on Thursday, September 16, 2021, and closed the daily trading at $23.70. Even in Thursday’s regular session, ABCL’s stock gained 5.26%. The stock volume remained 4.42 million shares. ABCL shares have moved up 7.43% in the past week. Over the past three months, the stock has lost 13.20%, while over the past six months, it has declined 36.88%.

The recent update about ABCL bamlanivimab

On September 16, 2021, U.S. Food and Drug Administration (FDA) expanded the Emergency Use Authorization for AbCellera (ABCL) bamlanivimab (LY-CoV555) 700 mg administered with etesevimab (LY-CoV016) 1400 mg to include post-exposure prophylaxis (PEP) to prevent SARS-CoV-2 infection or symptomatic COVID-19.

The neutralizing antibodies can now also be used together to treat high-risk individuals 12 years of age and older who have not been fully vaccinated against COVID-19 and have been exposed to someone infected with SARS-CoV-2.

ABCL participation in the upcoming conference

AbCellera (ABCL) will participate virtually at the BofA Securities, Tech Solutions for Drug Discovery Conference on Monday, September 20, 2021, at 9:00 a.m. Pacific Time.

ABCL partnership with Moderna

On September 15, 2021AbCellera (ABCL) entered into a multi-year, collaboration and license agreement with Moderna to power AbCellera’s AI-powered technology to search and analyze natural immune responses to identify therapeutic antibodies against up to six targets selected by Moderna.

AbCellera will receive research payments and is eligible to receive from Moderna downstream clinical and commercial milestone payments and royalties on net sales of products, resulting from the collaboration. Moderna will develop and commercialize antibodies.

Acquisition of TetraGenetics

On September 13, 2021, AbCellera (ABCL) acquired TetraGenetics, Inc, in an all-cash transaction that includes an upfront payment, the potential for payments based on the achievement of technical milestones.

TetraGenetics is a biotechnology company with a proprietary platform for generating recombinant human ion channels and other transmembrane proteins.

ABCL recent financial results announcement

On August 12, 2021, AbCellera (ABCL) reported its financial results for the second quarter of 2021, which ended on June 30, 2021.

Q2 2021 financial highlights

• ABCL reported total revenue of $28 million in Q2 2021 compared to $11 million in Q2 2020.
• Total operating expenses were $34.68 million in Q2 2021 compared to $12.08 million in Q2 2020.
• It suffered a net loss of $2.3 million or a net loss of $0.1 per basic and diluted share in Q2 2021 compared to net income of $6.7 million or net earnings of $0.03 per basic and diluted share in Q2 2020.
• As of June 30, 2021, the company had $792.6 million of cash and cash equivalents and $64.9 million in accounts receivable and accrued accounts receivable.

Conclusion

The recent authorization from FDA was the reason behind its exceptional gains on Thursday and we can expect it to further surge on Friday as well.