Absci (NASDAQ:ABSI) Earns Outperform Rating from Analysts at Lifesci Capital

Lifesci Capital assumed coverage on shares of Absci (NASDAQ:ABSI) in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm issued an outperform rating on the stock.

Several other brokerages have also recently weighed in on ABSI. Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Absci in a report on Wednesday, August 12th. Truist Financial increased their price target on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Morgan Stanley reiterated a “positive” rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Price Performance

Shares of ABSI opened at $8.21 on Wednesday. The firm has a market capitalization of $1.41 billion, a P/E ratio of -10.26 and a beta of 2.42. Absci has a one year low of $2.24 and a one year high of $12.06. The business has a fifty day moving average of $8.97 and a 200 day moving average of $6.37.

Absci (NASDAQ:ABSI) last posted 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 firm had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Analysts expect that Absci will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently made changes to their positions in ABSI. BlackRock Inc. purchased a new position in Absci in the 2nd quarter worth approximately $141,112,000. State Street Corp boosted its stake in Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after purchasing an additional 3,925,926 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Absci during the 4th quarter valued at approximately $8,201,000. Baker BROS. Advisors LP purchased a new stake in Absci during the 4th quarter valued at approximately $7,450,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Absci by 2,955.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock valued at $7,526,000 after buying an additional 2,085,501 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.

About Absci

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.