Absci (NASDAQ:ABSI) Price Target Raised to $13.00 at BTIG Research

Absci (NASDAQ:ABSI) had its price objective boosted by stock analysts at BTIG Research from $9.00 to $13.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 26.55% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Morgan Stanley set a $4.10 price objective on shares of Absci in a research report on Thursday, May 14th. Truist Financial boosted their price objective on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Leerink Partners began coverage on shares of Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price on the stock. Finally, Guggenheim increased their target price on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $10.01.

Absci Stock Performance

Absci stock traded up $2.86 during mid-day trading on Wednesday, reaching $10.27. The company’s stock had a trading volume of 26,644,194 shares, compared to its average volume of 4,508,016. The firm’s fifty day moving average price is $5.52 and its two-hundred day moving average price is $3.92. Absci has a 12-month low of $2.24 and a 12-month high of $10.84. The company has a market capitalization of $1.60 billion, a P/E ratio of -12.25 and a beta of 2.44.

Absci (NASDAQ:ABSI) last posted its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $1.39 million. On average, research analysts predict that Absci will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Several large investors have recently made changes to their positions in the business. State Street Corp boosted its position in shares of Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after purchasing an additional 3,925,926 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Absci during the 4th quarter valued at approximately $8,201,000. Baker BROS. Advisors LP bought a new position in Absci during the 4th quarter valued at approximately $7,450,000. ARK Investment Management LLC raised its stake in Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after buying an additional 2,116,845 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Absci by 2,955.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after acquiring an additional 2,085,501 shares in the last quarter. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.