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    Is AbCellera Biologics (ABCL) Undervalued On Positive Phase 2 ABCL635 Results?

    Simply Wall St·10/31/2026 15:35:58
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    AbCellera Biologics (ABCL) has returned to investors’ radar after reporting positive top-line Phase 2 data for ABCL635, a non hormonal antibody being tested for vasomotor symptoms in postmenopausal women.

    Positive ABCL635 data has arrived after a powerful run in AbCellera Biologics’ shares, with a year to date share price return of 257.73% and a 90 day move of 114.89%, even though the 30 day share price return is down 15.90% and the latest session dropped 6.19% to US$12.27. Total shareholder return over one and three years sits at 121.08% and 161.06% respectively, pointing to strong longer term gains despite recent volatility.

    Look beyond AbCellera Biologics and explore additional antibody and biotech opportunities with the hand-picked 34 healthcare AI stocks that are also benefiting from AI-driven drug discovery momentum.

    Bulls argue AbCellera Biologics has just de risked its lead asset and opened a larger opportunity. Bears see a loss making platform and a very sharp share price move. Which case does the current valuation lean toward?

    Most Popular Narrative: 28% Undervalued

    AbCellera Biologics is trading at $12.27, while the most followed narrative pins fair value around $17.13. This presents a sharply different picture compared with the recent volatility in the share price.

    The initiation of Phase I clinical trials for ABCL635 and ABCL575, with promising differentiation factors such as a unique dosing regimen and improved safety profile for ABCL635, is expected to position the company to capture a significant market opportunity in an underserved area, potentially boosting future revenue.

    AbCellera's transition from a platform company to a clinical-stage biotech, along with the development of internal programs, suggests a shift towards generating revenue from downstream milestone fees and royalty payments as new molecules are expected to reach the clinic.

    See why 61 investors see AbCellera Biologics as 28% undervalued.

    Result: Fair Value of $17.13 (UNDERVALUED)

    Still, the bullish AbCellera Biologics story leans heavily on ABCL635 and assumes high future P/E multiples, while clinical or partnership setbacks could quickly challenge that thesis.

    Find out about the key risks to this AbCellera Biologics narrative.

    Next Steps

    Plenty of optimism sits beside real concerns in the AbCellera Biologics story right now, so move quickly, review the data, and decide where you land based on the 1 key reward and 3 important warning signs.

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    If you only focus on AbCellera Biologics, you risk missing other compelling setups uncovered by Simply Wall Street’s screeners that can round out your watchlist.