BMO Research Today - May 12, 2026

Research evidence excerpt

BMO Research Today - May 12, 2026

ESTIMATES / TARGETS LOWERED

Certara

Sean W. Dodge, Health Tech & Services Analyst - Health Tech & Services

1Q26 Results: New Leadership Making Early Progress on Strategic Realignment

Mkt $6.31 $6.00 $968

Rating Price Target Mkt Cap.

• Q1 results were mixed as stronger-than-expected software growth was offset by increased

OpEx as the new CEO (as of Jan 1) works to realign the business, with early progress on portfolio

rationalization and a more integrated go-to-market sales/product strategy.

• While the bar for '26 is fairly low (guiding to 0-4% revenue growth), we still see heightened risk

around execution near term.

• Overall, we think the company is heading in the right direction, but remain on the sidelines until we

see more evidence of a stabilization and re-acceleration of revenue growth.

COMPANY UPDATES

AbCellera Biologics

Evan David Seigerman, BioPharma Analyst - Biotechnology

Post 1Q26: Clean Ph1 Data De-risk Target Engagement & Paint a Clear Path to Ph2

OP $5.25 $7.00 $1,592

• 1Q26 brings some clarity to the opportunity for ABCL635 with AbCellera sharing a positive update

today and the first clinical data we have seen for the asset.

• Clear dose responsive reductions in testosterone, deeper than was demonstrated by the currently

approved dose of fezolinetant, with supportive LH/FSH suppression and clean liver safety, help de-

risk the program.

• From here VMS efficacy remains the key question, but we view the update as constructive ahead of

the 3Q26 Ph 2 readout for the program.

Barrick Mining

Matthew Murphy, Metals & Mining Analyst - Precious Metals & Minerals

Stronger-Than-Expected Start to the Year and Better Quarters to Come

Mkt $59.05 $65.00 $98,930