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

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $9.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 192.21% from the stock’s previous close.

Several other equities research analysts have also recently commented on ABSI. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Absci in a research report on Tuesday, December 3rd. KeyCorp cut their price objective on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research report on Friday, January 17th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $8.57.

Absci Price Performance

Shares of ABSI stock opened at $3.08 on Wednesday. Absci has a 12-month low of $2.45 and a 12-month high of $6.72. The firm has a market capitalization of $353.76 million, a price-to-earnings ratio of -3.31 and a beta of 2.09. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average of $3.87 and a 200-day moving average of $3.68.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $0.67 million during the quarter, compared to analyst estimates of $1.77 million. On average, equities research analysts forecast that Absci will post -0.89 earnings per share for the current year.

Institutional Trading of Absci

A number of hedge funds have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC lifted its holdings in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after purchasing an additional 1,928,314 shares during the period. Royce & Associates LP increased its stake in Absci by 472.1% in the fourth quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock valued at $2,311,000 after purchasing an additional 727,905 shares in the last quarter. Two Sigma Advisers LP increased its stake in Absci by 191.9% in the fourth quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock valued at $1,772,000 after purchasing an additional 444,700 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Absci by 97.2% during the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after acquiring an additional 443,410 shares in the last quarter. Finally, Fred Alger Management LLC increased its position in shares of Absci by 4.3% during the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after acquiring an additional 309,843 shares in the last quarter. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.