Absci’s (ABSI) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Absci (NASDAQ:ABSI) in a research report sent to investors on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $11.00 price target on the stock.

A number of other equities analysts also recently commented on ABSI. HC Wainwright upped their price objective on shares of Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Lifesci Capital started coverage on shares of Absci in a report on Wednesday, September 9th. They issued an “outperform” rating on the stock. Guggenheim increased their price target on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Morgan Stanley restated a “positive” rating and issued a $10.00 price objective on shares of Absci in a research report on Thursday, June 25th. Finally, Leerink Partners assumed coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Absci has a consensus rating of “Moderate Buy” and an average target price of $13.71.

Absci Trading Down 5.9%

NASDAQ:ABSI opened at $9.74 on Wednesday. The firm has a market cap of $1.67 billion, a P/E ratio of -12.17 and a beta of 2.42. The stock’s 50 day simple moving average is $8.78 and its 200-day simple moving average is $6.84. Absci has a 12-month low of $2.24 and a 12-month high of $12.06.

Absci (NASDAQ:ABSI) last released 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 return on equity of 61.71% and a negative net margin of 7,756.38%.The company had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. Research analysts forecast that Absci will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired 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 acquired a new stake in Absci during the 4th quarter valued at $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. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.