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

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They presently have a $11.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 8.48% from the company’s current price.

Other equities research analysts have also issued research reports about the company. BTIG Research set a $15.00 price objective on Absci and gave the stock a “buy” rating in a report on Tuesday, September 8th. Truist Financial lifted their price objective on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. HC Wainwright raised their price objective on shares of Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Morgan Stanley reaffirmed a “positive” rating and issued a $10.00 price objective on shares of Absci in a report on Thursday, June 25th. Finally, Leerink Partners began coverage on shares of Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.71.

Absci Trading Up 6.8%

Shares of NASDAQ:ABSI traded up $0.65 during mid-day trading on Wednesday, reaching $10.14. The company had a trading volume of 3,406,977 shares, compared to its average volume of 4,342,029. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -12.68 and a beta of 2.42. The company’s 50-day moving average price is $8.81 and its 200-day moving average price is $6.92. Absci has a one year low of $2.24 and a one year high of $12.06.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share 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 firm had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. On average, research analysts anticipate that Absci will post -0.74 EPS for the current fiscal year.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Absci during the 2nd quarter worth approximately $141,112,000. Baker BROS. Advisors LP bought a new stake in Absci during the 4th quarter worth approximately $7,450,000. Siren L.L.C. bought a new stake in Absci during the 1st quarter worth approximately $5,400,000. Parkman Healthcare Partners LLC bought a new stake in Absci during the 2nd quarter worth approximately $10,366,000. Finally, Bank of America Corp DE bought a new stake in Absci during the 2nd quarter worth approximately $6,560,000. Institutional investors own 52.05% of the company’s stock.

About Absci

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.