AbCellera Biologics Inc. (ABCL) stock was popping high in the pre-market after the announcement of the expansion of Emergency Use Authorization for bamlanivimab by the FDA. ABCL stock price saw a push of 13.84% to reach $22.54 a share at the time of this writing. The stock was performing high in the previous trade and went up by 5.26% at closing. Let’s discuss more about this stock.
AbCellera Biologics Inc operates by developing platforms that discover antibodies. Its AI-powered system detects antibodies from the natural immune system for the development of drugs. AbCellera is also working with Eli Lilly and the company. It was founded in 2012 and its headquarters are in Vancouver, Canada.
According to a recent announcement, U.S Food and Drug Administration expanded the Emergency Use Authorization for bamlanivimab 700 mg administered with etesevimab 1400. The purpose of this expansion is to restrain SARS-CoV-2 infection or symptomatic COVID-19 via including post-exposure prophylaxis. FDA in February 2021 authorized neutralizing antibodies for treating early COVID-19 infections. These antibodies can now also be used in parallel for the treatment of 12-year high-risk individuals and older who are not fully vaccinated against COVID-19.
Bamlanivimab restrained Covid-19 in nursing homes according to the Phase 3 BLAZE-2 trial data. The disease reduced to 80 percent in nursing homes and 57 percent among residents and staff of long-term care facilities. This data was the basis for the expansion of Emergency Use Authorization.
ABCL stock contribution against COVID-19:
ABCL stock’s pandemic response platform against COVID-19 became operational in March 2020. The platform resulted in bamlanivimab discovery that is an antibody treatment against COVID-19. Bamlanivimab was successful in treating hundreds and thousands of Covid patients, alone and together with other antibodies. ABCL stock efforts resulted in the identification of thousands of unique anti-SARS-CoV-2 human antibodies. The famous ones are bamlanivimab, bebtelovimab which ABCL stock along with other partners is testing so far.
ABCL stock collaborated with Moderna:
On September 15, 2021, ABCL stock did announce a multi-year multi-target collaboration and license agreement with Moderna. The purpose of this collaboration is to enhance the AI-powered technology of AbCellera stock in order to search for natural immunity responses. The inspection of immunity response will help in the identification of therapeutic antibodies against Moderna’s six selected targets.
Things are going well for ABCL stock as far as market sentiment is concerned. Its recent developments reflect that company is progressing in terms of its operations. COVID-19 is still a major concern in the health and medical industry as it is continuously evolving. In a nutshell, long-term investors can enjoy significant gains in the long run.