Needham & Company LLC Reaffirms Buy Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 16.90% from the stock’s current price.

Several other research analysts have also recently commented on ABSI. Truist Financial raised their target price on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Wall Street Zen cut Absci from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. HC Wainwright upped their price target on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Friday, July 17th. 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 report on Monday, June 15th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Price Performance

NASDAQ ABSI opened at $9.41 on Wednesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -11.34 and a beta of 2.35. The company’s fifty day moving average is $8.68 and its two-hundred day moving average is $5.38. Absci has a 52-week low of $2.24 and a 52-week high of $12.06.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The company had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.89 million. As a group, sell-side analysts expect that Absci will post -0.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. E Fund Management Co. Ltd. acquired a new stake in Absci in the 2nd quarter valued at about $235,000. Wealthfront Advisers LLC bought a new stake in shares of Absci during the second quarter worth $304,000. BlackRock Inc. acquired a new stake in Absci in the second quarter worth about $141,112,000. Deutsche Bank AG acquired a new position in Absci during the 2nd quarter valued at about $1,591,000. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Absci during the 2nd quarter worth approximately $123,000. 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.