Abcam downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Abcam to Sector Perform from Outperform with a price target of $22, down from $23. Shares are up 40% in the last 10 days and up 65% quarter-to-date, says the analyst, who is taking profit on anticipation of a bid. It is unclear how advanced the “strategic inquiries” the company has disclosed are and the firm’s valuation work “implies relatively little further upside on a transaction,” the analyst tells investors.