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John S. Montalbano, a director at AbCellera Biologics Inc. (NASDAQ:ABCL), recently acquired 25,000 common shares of the company, according to a recent SEC filing. The shares were purchased at $2.30 each, totaling approximately $57,499, near the stock’s 52-week low of $2.20. According to InvestingPro data, the stock’s RSI suggests oversold territory. This transaction increases Montalbano’s direct ownership to 171,000 shares.
Additionally, Montalbano holds an indirect interest of 5,000 shares through his spouse. The acquisition reflects Montalbano’s continued investment in the Vancouver-based biotechnology firm, which specializes in pharmaceutical preparations. AbCellera Biologics, with a market capitalization of $660 million, maintains strong liquidity with a current ratio of 9.81 and holds more cash than debt on its balance sheet. The company is known for its innovative approach in the life sciences sector, particularly in the development of antibody therapeutics. Discover more insights about ABCL with InvestingPro, which offers 12 additional investment tips and comprehensive analysis.
In other recent news, AbCellera Biologics reported a decline in both quarterly and annual revenues for 2024, with fourth-quarter revenues at $5.1 million, falling short of the expected $7.58 million. The company also experienced a net loss of $0.55 per share for the year, a slight increase from the previous year’s loss. Despite these financial challenges, AbCellera has maintained a strong cash position, holding over $650 million in cash and equivalents. The company announced a new partnership with AbbVie (NYSE:ABBV) on a T-cell engager platform, highlighting its strategic shift towards internal program development as it transitions to a clinical-stage biotech. Benchmark analysts have maintained a Hold rating on AbCellera shares, reflecting a cautious outlook despite the company’s ongoing transition and new development partnerships. The fourth quarter also saw the initiation of one new development partnership and the advancement of two partnered molecules into clinical trials. AbCellera’s strategic focus remains on advancing its internal pipeline, with plans to file CTA applications for two lead programs in 2025.
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