Absci (NASDAQ:ABSI) Stock Price Expected to Rise, Truist Financial Analyst Says

Absci (NASDAQ:ABSI) had its price objective lifted by stock analysts at Truist Financial from $11.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 53.02% from the company’s previous close.

A number of other research firms have also recently issued reports on ABSI. Leerink Partners began coverage on Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price for the company. BTIG Research boosted their price target on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. HC Wainwright boosted their price target on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Morgan Stanley reaffirmed a “positive” rating and set a $10.00 price objective on shares of Absci in a research report on Thursday, June 25th. Finally, Guggenheim increased their price objective on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.43.

Absci Stock Performance

Shares of ABSI stock opened at $11.11 on Thursday. The company has a market capitalization of $1.73 billion, a P/E ratio of -13.39 and a beta of 2.31. The company’s 50 day moving average price is $6.42 and its two-hundred day moving average price is $4.23. Absci has a 52 week low of $2.24 and a 52 week high of $12.06.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) 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 the consensus estimate of $1.39 million. Analysts forecast that Absci will post -0.71 earnings per share for the current year.

Institutional Trading of Absci

Institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC raised its stake in shares of Absci by 21.1% during the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after purchasing an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. bought a new position in shares of Absci in the third quarter valued at $6,081,000. Baker BROS. Advisors LP bought a new position in shares of Absci in the fourth quarter valued at $7,450,000. UBS Group AG increased its holdings in Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock worth $9,421,000 after buying an additional 706,396 shares during the last quarter. Finally, Platinum Investment Management Ltd. acquired a new position in Absci during the fourth quarter worth $830,000. 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.