Absci’s (ABSI) “Buy” Rating Reaffirmed at HC Wainwright

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $16.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 75.82% from the company’s previous close.

Several other research analysts have also commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Absci in a report on Wednesday, September 23rd. BTIG Research set a $15.00 price target on shares of Absci and gave the company a “buy” rating in a report on Tuesday, September 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. Truist Financial raised their price target on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Finally, Morgan Stanley restated a “positive” rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.88.

Absci Stock Down 5.9%

Shares of ABSI traded down $0.57 during mid-day trading on Monday, hitting $9.10. The company had a trading volume of 3,040,759 shares, compared to its average volume of 4,346,542. The business’s 50-day simple moving average is $9.32 and its 200-day simple moving average is $7.44. Absci has a 1-year low of $2.24 and a 1-year high of $12.06. The stock has a market cap of $1.56 billion, a PE ratio of -11.38 and a beta of 2.27.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) 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 business had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. On average, sell-side analysts expect that Absci will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

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

Absci Company Profile

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.