AbCellera price target lowered to $10 from $28 at Truist

Truist lowered the firm’s price target on AbCellera (ABCL) to $10 from $28 and keeps a Buy rating on the shares. The firm has updated its model after the company’s Q1 results, though it continues to be positive about AbCellera, highlighting its continued execution of their wholly owned clinical pipeline, and given the company’s hybrid business model with a focus shifting towards a clinical stage biotech, Truist is also updating its discount rate to reflect the transition, the analyst tells investors in a research note.