Absci (NASDAQ:ABSI) Receives “Buy” Rating from BTIG Research

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by research analysts at BTIG Research in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $13.00 target price on the stock. BTIG Research’s target price points to a potential upside of 38.15% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Absci from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Absci in a research note on Wednesday. Morgan Stanley reissued a “positive” rating and issued a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Finally, Truist Financial upped their price target on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.43.

Absci Price Performance

ABSI opened at $9.41 on Wednesday. The stock has a 50-day moving average price of $8.68 and a 200-day moving average price of $5.38. The firm has a market cap of $1.47 billion, a PE ratio of -11.34 and a beta of 2.35. Absci has a 1 year low of $2.24 and a 1 year high of $12.06.

Absci (NASDAQ:ABSI) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $0.89 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. As a group, sell-side analysts anticipate that Absci will post -0.71 EPS for the current year.

Institutional Investors Weigh In On Absci

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. HB Wealth Management LLC grew its position in shares of Absci by 28.4% during the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after purchasing an additional 2,862 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after buying an additional 3,678 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Absci by 5.6% during the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after acquiring an additional 4,892 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Absci by 91.2% during the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Absci by 14.3% during the fourth quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after acquiring an additional 6,826 shares in the last quarter. Hedge funds and other 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.