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Why AbCellera Biologics Is 10% Lower Today

James Brumley, The Motley Fool
·2-min read
Why AbCellera Biologics Is 10% Lower Today

Shares of contract drug developer AbCellera Biologics (NASDAQ: ABCL) are down 10% as of 12:04 p.m. ET today, according to data from S&P Global Market Intelligence, following Piper Sandler's lowered price target despite a seemingly strong earnings report. For the three-month stretch ending March 31, biopharma outfit AbCellera Biologics turned $316.6 million worth of revenue into earnings of $0.54 per share. While AbCellera Biologics' CEO Carl Hansen is unsurprisingly optimistic about the future, that's a future in which the drugs' combined revenue contribution could fade -- significantly.

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