ImmunoPrecise Antibodies Ltd (NASDAQ:IPA) (TSX.V:IPA) stock has been trending higher this week after the company reported Q3 earnings on March 16. For the latest quarter, the company reported total revenue of C$4.8 million, an 6.6% growth year-over-year of C$4.5 million.
ImmunoPrecise Antibodies posted a net loss of $3.8 million, as compared to a net loss of $1.3 million in the same quarter last year.
The results were in-line with the estimate of Benchmark Company. For detailed analysis on the company’s results, you can read the research report.
Benchmark stated in the report – “We are maintaining our Buy rating on IPA shares on the recent strong quarterly results, advancements in its deep antibody pipeline, both with internal and partnered projects, and strong balance sheet. Our $12 price target represents over 100% potential share price appreciation and is based on 18x and 15x estimated revenues for calendar 2021 and calendar 2022E, respectively, comparable to industry average multiples.”
Dr. Jennifer Bath, CEO of ImmunoPrecise, stated, “We are pleased with both the progress and continued execution of IPA’s strategic operating plan this quarter. In filling key roles within the organization’s sales and marketing teams, we believe we have provided the critical infrastructure to ramp growth of the commercial business. Consequently, project revenues in the CRO business increased a healthy 22.6% in the period, and we remain optimistic in our ability to grow revenues organically through existing clients and through new business wins alike. Additionally, we are moving the development of Polytope® (TATX-03), Talem’s lead pipeline asset, forward on multiple fronts both in-house and through external partnering.”
Moreover, As of January 31, 2022, the Company held cash of $33.0 million (April 30, 2021 – $41.8 million) and had working capital of $33.4 million (April 30, 2021 – $42.8 million).
