Key Points

• The company had some encouraging regulatory news to report.

• It concerned a dermatitis drug the biotech is currently developing.

• These 10 stocks could mint the next wave of millionaires ›

Investors were surely discovering drug discovery company AbCellera Biologics (NASDAQ: ABCL) as the trading week kicked off on Monday. On encouraging news in an important North American jurisdiction, those folks bid the biotech's stock up by almost 6% on the day. That was a far higher jump than the 0.4% increase of the benchmark S&P 500 index.

Moving forward with dermatitis treatment

Friday afternoon, AbCellera announced that it had received a no objection letter (NOL) from Health Canada, that country's healthcare regulatory agency, regarding one of its early-stage investigational drugs. The NOL covers the company's clinical trial application (CTA) for ABCL575, a treatment that targets moderate to severe atopic dermatitis (a chronic skin condition also known as atopic eczema).

Receipt of an NOL is an important step in advancing a clinical program for companies like AbCellera, hence the positive market reaction to the news.

AbCellera said in its press release revealing the NOL that it anticipates launching a phase 1 clinical study of ABCL575 in the third calendar quarter of this year. It will be administered by injection to trial participants.

One of very many

AbCellera is a busy company, boasting over 20 investigational programs that sprawl across a number of indications. To some degree, this latest news item is something of a drop in the bucket, particularly since AbCellera's native Canadian market is significantly smaller than that of the U.S.

Regardless, any good news coming from a regulator is a positive for a biotech, so investors were right to cheer Health Canada's move.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

• Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $350,426!*

• Apple: if you invested $1,000 when we doubled down in 2008, you’d have $38,129!*

• Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $651,049!*

Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon.