Brokerages Set Absci Corporation (NASDAQ:ABSI) Price Target at $13.43

Absci Corporation (NASDAQ:ABSI) has earned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $13.4286.

ABSI has been the topic of a number of research reports. Leerink Partners began coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target on the stock. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a report on Saturday. Morgan Stanley reissued a “positive” rating and issued a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Truist Financial boosted their target price on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, HC Wainwright upped their price target on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Siren L.L.C. acquired a new stake in shares of Absci in the first quarter valued at approximately $5,400,000. Baker BROS. Advisors LP bought a new position in shares of Absci during the 4th quarter worth approximately $7,450,000. UBS Group AG increased its holdings in shares of Absci by 35.4% during 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 during the last quarter. Platinum Investment Management Ltd. acquired a new position in shares of Absci during the 4th quarter worth approximately $830,000. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Absci in the 2nd quarter valued at $944,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Stock Performance

Shares of ABSI stock opened at $9.24 on Friday. The company has a market capitalization of $1.59 billion, a P/E ratio of -11.55 and a beta of 2.35. The company’s 50 day moving average price is $8.90 and its two-hundred day moving average price is $5.56. Absci has a 52 week low of $2.24 and a 52 week high of $12.06.

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

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.