Absci (NASDAQ:ABSI) Price Target Raised to $11.00 at Truist Financial

Absci (NASDAQ:ABSI) had its price objective lifted by Truist Financial from $9.00 to $11.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on ABSI. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Wednesday, March 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Finally, Morgan Stanley downgraded Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective on the stock. in a research report on Thursday, January 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.58.

Absci Price Performance

NASDAQ:ABSI opened at $5.90 on Friday. Absci has a 1-year low of $2.24 and a 1-year high of $6.24. The company has a 50-day moving average of $3.29 and a 200 day moving average of $3.31. The firm has a market cap of $917.16 million, a PE ratio of -7.11 and a beta of 2.36.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. The firm had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 64.66%. Sell-side analysts anticipate that Absci will post -0.83 EPS for the current fiscal year.

Insider Activity at Absci

In other Absci news, insider Andreas Busch acquired 100,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was purchased at an average price of $2.29 per share, with a total value of $229,000.00. Following the transaction, the insider directly owned 421,446 shares of the company’s stock, valued at $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

Several hedge funds and other institutional investors have recently modified their holdings of ABSI. Quarry LP purchased a new stake in Absci during the 3rd quarter worth approximately $26,000. BNP Paribas Financial Markets raised its position in Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after buying an additional 5,385 shares during the last quarter. Legal & General Group Plc lifted its stake in Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares during the period. HB Wealth Management LLC acquired a new stake in shares of Absci in the third quarter worth $31,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Absci in the 3rd quarter valued at about $31,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Absci

Here are the key news stories impacting Absci this week:

• Positive Sentiment: Truist Financial raised its price target on Absci from $9 to $11 and reiterated a buy rating, signaling increased confidence in the stock’s upside. Benzinga article
• Positive Sentiment: Absci reported first-quarter EPS of -$0.19, slightly better than the consensus estimate of -$0.20, showing modest earnings improvement versus expectations. MarketBeat earnings report
• Positive Sentiment: The company said it successfully dosed all four planned healthy-volunteer cohorts in its ABS-201 HEADLINE trial, reported favorable emerging safety data, and advanced dosing in the next cohort, which supports progress in its lead program. GlobeNewswire article
• Neutral Sentiment: Absci also expanded its prolactin pipeline with ABS-202, adding another internal program, but this is still early-stage and may take time to influence fundamentals. GlobeNewswire article
• Negative Sentiment: Revenue came in well below analyst expectations, highlighting that the company remains in an early, pre-commercial stage with limited near-term sales traction. Zacks article

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.