AbCellera's shares have declined recently following peaks during the pandemic-fueled boom as royalties from sales of R&D partner Eli Lilly And Company's (NYSE:LLY) COVID-19 antibody therapeutics have disappeared, the analyst notes. 

The analyst added that beyond the two already marketed COVID-19 antibodies partnered with Eli Lilly, AbCellera has seven molecules in the clinical pipeline.

The analyst noted that the long-term prospects for new partnerships and royalty revenues look positive.

Investors can also look for more partnered programs (of the 177 currently) to enter clinical trials in the future, as well as new partners signed up in the near- and long-term, Wasserman adds.

For Q3, the analyst estimates EPS of ($0.11) loss, with revenues of $11.2 million.

Wasserman highlighted the company's signing of a $701 million (CDN) co-investment in May with the Governments of Canada and British Columbia to build new biotech infrastructure to develop antibody-based medicines.

Price Action: ABCL shares are trading lower by 5.69% to $5.47 on the last check Thursday.