Absci (NASDAQ:ABSI) Given Buy Rating at Needham & Company LLC

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

ABSI has been the topic of several other reports. Guggenheim upped their price target on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Morgan Stanley set a $4.10 price objective on shares of Absci in a research report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. BTIG Research raised their target price on shares of Absci from $9.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Leerink Partners began coverage on Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.59.

Absci Trading Up 36.0%

Shares of NASDAQ:ABSI traded up $2.67 during mid-day trading on Wednesday, reaching $10.07. The stock had a trading volume of 36,686,638 shares, compared to its average volume of 4,586,343. The firm has a 50 day simple moving average of $5.52 and a two-hundred day simple moving average of $3.92. Absci has a twelve month low of $2.24 and a twelve month high of $11.00. The firm has a market cap of $1.57 billion, a PE ratio of -12.14 and a beta of 2.44.

Absci (NASDAQ:ABSI) last posted its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The firm had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. On average, equities analysts anticipate that Absci will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ABSI. Quarry LP acquired a new stake in shares of Absci during the third quarter valued at about $26,000. Essential Partners LLC raised its holdings in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after buying an additional 9,108 shares during the last quarter. Scientech Research LLC acquired a new stake in Absci during the 3rd quarter worth approximately $31,000. Principal Financial Group Inc. acquired a new stake in Absci during the 1st quarter worth approximately $31,000. Finally, Xponance LLC bought a new stake in Absci during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds 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.