AbCellera Biologics Inc. shares reached a 52-week high of $12.15 on Tuesday, extending a rally that has delivered a 172.5% gain over the past year and a 210.2% increase year-to-date.
The biotech company also reported second-quarter results that fell short of expectations, with adjusted losses of $0.18 per share against a forecast loss of $0.17 per share. Revenue totaled $4.1 million, missing the anticipated $8.1 million. AbCellera attributed the shortfall to lower contract revenue and delayed milestone payments.
The company simultaneously announced a $200 million underwritten public offering of common stock, with proceeds earmarked for general corporate purposes, including potential acquisitions and further development of its pipeline. The offering is being conducted entirely by AbCellera.
Clinical progress provided a key catalyst for the stock’s advance. AbCellera’s investigational treatment ABCL635, targeting vasomotor symptoms, met its primary efficacy endpoints in a Phase 2 trial, positioning the drug for potential future development. Truist Securities raised its price target on the stock to $30 from $12 while maintaining a Buy rating. The firm estimated peak risk-adjusted sales for ABCL635 could reach $1.1 billion.
The stock’s recent surge follows a period of heightened investor interest in biotechnology, particularly among companies advancing treatments for menopause-related symptoms. AbCellera’s market capitalization has expanded alongside its share price, reflecting optimism tied to its clinical pipeline despite the near-term revenue miss.
