Look for a number of catalysts before the year\u2019s out from ImmunoPrecise Antibodies (ImmunoPrecise Antibodies Stock Quote, Chart, News TSXV:IPA), says Industrial Alliance Securities analyst Chelsea Stellick. In an update to clients on Tuesday, Stellick reiterated her \u201cBuy\u201d rating on the stock along with a $3.00 target, which as of publication date represented a projected one-year return of 4.5 per cent. Victoria, BC-based ImmunoPrecise is a full-service contract research organization (CRO), with services such as target design and antigen modeling, immunization, antibody discovery, characterization and optimization and manufacturing. IPA released its Q1 fiscal 2021 results on Tuesday before market open, showing $3.8 million in revenue, representing a 39 per cent year-over-year increase. Adjusted EBITDA was $932,000 compared to a loss of $481,000 a year earlier. ImmunoPrecise said the jump in revenue was due to bigger and more contracts, with CEO Dr. Jennifer Bath calling the quarter a transformative one for the company. \u201cOperationally, we continue to make tremendous progress, advancing programs both with our clients as well as our proprietary COVID-19 programs. We recently announced an important research collaboration with Zymeworks Inc., providing us access to their Zymeworks' Azymetric and EFECT platforms for the further development of multiple antibody candidates to fight COVID-19,\u201d said Dr. Bath in a press release. ImmunoPrecise recently launched pre-clinical vaccine trials against SARS-CoV-2 together with Dutch company LiteVax BV. Dr. Bath said IPA is \u201crapidly advancing our Polytope Therapy and Vaccine programs.\u201d On the quarterly numbers, Stellick was calling for adjusted EBITDA of $116,000 compared to the actual $932,000, with the analyst saying the increased earnings were primarily due to research grant awards and government subsidies. Stellick called the quarter pivotal for the company due to their expanding clientele base and services and noted that IPA strengthened its financial position after the quarter\u2019s end with the exercise of 7.8 million warrants, resulting in $9.7 million in cash. Importantly, the analyst called IPA\u2019s PolyTope antibody therapy formulation the most comprehensive antibody cocktail out there. \u201cIn early March, IPA announced the details of the development of a PolyTope monoclonal antibody (mAB) therapy that can be used as a prophylactic vaccine for high risk patients. Cocktail therapies are widely believed to be a promising approach to the SARS-CoV-2 virus. IPA\u2019s formulation is the only cocktail that includes three or more antibodies that work in a synergistic fashion to enhance and improve the capability of protecting and treating COVID-19 patients. It is currently the most comprehensive antibody cocktail that is being brought forward,\u201d Stellick wrote. Looking ahead, the analyst thinks ImmunoPrecise will generate fiscal 2021 revenue and adjusted EBITDA of $20.0 million and $3.1 million, respectively, and fiscal 2022 revenue and adjusted EBITDA of $22.6 million and $2.9 million, respectively. \u201cWe continue to see this moment in time as pivotal for the Company as the quarterly results highlight its continued operational progress. We look forward to several catalyst events by C2020 year end that will continue to unfold and add to the upside potential for the name,\u201d Stellick wrote.