May. 22 at 3:16 PM
Truist⬆️the PT on
$ABCL to
$12 (was
$10), reiterated at Buy and said—Clinical Signal & Platform Promise: What VMS Data Could Mean for ABCL's Next Phase
$ALPMY $BAYRY
Truist added—We reiterate our ABCL Buy rating following Ph1 ABCL-635 data that shows
1) target engagement and
2) clean safety profile that could support a superior safety profile vs. competitors.
We look to Ph2 data (3Q26) to confirm or exceed efficacy seen with Veozah/Lynkuet and see favorable risk-reward benefit leading into the data.
We believe 635 showing pbo-adjusted reductions in VMS frequency of ~20-25% and severity of ~10-15% could lead to upside potential of 20-60%+ vs. 20-40% downside from negative data (preview w/ scenario analyses).
We updated our model to include a VMS revenue build (vs. prior project fee), reflecting how we think investors will view the stock.