Absci (NASDAQ:ABSI) Earns “Buy” Rating from Needham & Company LLC

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 2.71% from the company’s previous close.

Other analysts also recently issued reports about the company. Lifesci Capital began coverage on Absci in a research note on Wednesday, September 9th. They issued an “outperform” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. Morgan Stanley restated a “positive” rating and set a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. BTIG Research set a $15.00 price objective on shares of Absci and gave the company a “buy” rating in a research note on Tuesday, September 8th. Finally, Leerink Partners started coverage on shares of Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Price Performance

Shares of NASDAQ ABSI opened at $10.71 on Wednesday. The stock has a fifty day moving average price of $8.71 and a 200 day moving average price of $6.71. Absci has a 1-year low of $2.24 and a 1-year high of $12.06. The company has a market cap of $1.84 billion, a PE ratio of -13.39 and a beta of 2.42.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The firm had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Analysts anticipate that Absci will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Absci during the 2nd quarter worth approximately $141,112,000. Parkman Healthcare Partners LLC acquired a new stake in Absci during the 2nd quarter valued at $10,366,000. Baker BROS. Advisors LP purchased a new position in Absci during the fourth quarter worth $7,450,000. Bank of America Corp DE purchased a new position in Absci during the second quarter worth $6,560,000. Finally, Siren L.L.C. purchased a new position in Absci during the first quarter worth $5,400,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.