Absci (NASDAQ:ABSI) Earns “Buy” Rating from Needham & Company LLC

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $11.00 price target on the stock, up from their previous price target of $7.00. Needham & Company LLC’s target price would indicate a potential upside of 9.18% from the company’s previous close.

A number of other brokerages also recently weighed in on ABSI. Morgan Stanley set a $4.10 price target on Absci in a report on Thursday, May 14th. Leerink Partners began coverage on Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price for the company. Truist Financial lifted their target price on Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Guggenheim increased their price target on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.59.

Absci Stock Up 36.0%

Absci stock traded up $2.67 during mid-day trading on Wednesday, hitting $10.07. 36,686,638 shares of the stock were exchanged, compared to its average volume of 4,586,343. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -12.14 and a beta of 2.44. Absci has a 12 month low of $2.24 and a 12 month high of $11.00. The firm’s fifty day simple moving average is $5.52 and its two-hundred day simple moving average is $3.92.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data 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. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, analysts forecast that Absci will post -0.72 earnings per share 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 business. State Street Corp increased 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 valued at $20,908,000 after buying an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Absci during the fourth quarter valued at approximately $8,201,000. Baker BROS. Advisors LP bought a new stake in Absci during the fourth quarter worth $7,450,000. ARK Investment Management LLC lifted its holdings in Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after acquiring an additional 2,116,845 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Absci by 2,955.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after purchasing an additional 2,085,501 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.

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.