Absci’s (ABSI) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Absci (NASDAQ:ABSI) in a research report sent to investors on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $11.00 price objective on the stock.

Several other brokerages also recently commented on ABSI. HC Wainwright raised their target price on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Guggenheim increased their price objective on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Friday, July 17th. Truist Financial increased their price objective on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, BTIG Research upped their price target on Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Absci Price Performance

ABSI stock opened at $9.18 on Wednesday. The business’s 50-day moving average is $8.85 and its two-hundred day moving average is $5.50. Absci has a 1 year low of $2.24 and a 1 year high of $12.06. The firm has a market capitalization of $1.58 billion, a P/E ratio of -11.47 and a beta of 2.35.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. On average, analysts expect that Absci will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Absci

Hedge funds have recently modified their holdings of the business. Siren L.L.C. acquired a new stake in Absci in the first quarter valued at approximately $5,400,000. Baker BROS. Advisors LP purchased a new position in Absci during the 4th quarter worth $7,450,000. UBS Group AG grew its stake in shares of Absci by 35.4% in the 4th quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock worth $9,421,000 after acquiring an additional 706,396 shares in the last quarter. Platinum Investment Management Ltd. purchased a new position in Absci during the fourth quarter worth about $830,000. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Absci in the 2nd quarter worth about $944,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.