Needham & Company LLC Reiterates “Buy” Rating for Absci (NASDAQ:ABSI)

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. Needham & Company LLC’s price target indicates a potential upside of 2.71% from the stock’s current price.

Several other equities research analysts have also recently issued reports on ABSI. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Guggenheim upped their target price on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. HC Wainwright increased their target price on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Truist Financial raised their price target on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Finally, Leerink Partners assumed coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Stock Performance

Shares of ABSI opened at $10.71 on Wednesday. Absci has a 1 year low of $2.24 and a 1 year high of $12.06. The company’s 50 day simple moving average is $8.71 and its 200 day simple moving average is $6.71. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -13.39 and a beta of 2.42.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. Equities analysts expect that Absci will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Absci in the 2nd quarter valued at about $141,112,000. Baker BROS. Advisors LP purchased a new stake in shares of Absci during the 4th quarter worth about $7,450,000. Siren L.L.C. acquired a new stake in Absci during the 1st quarter worth approximately $5,400,000. Parkman Healthcare Partners LLC acquired a new stake in Absci during the 2nd quarter worth approximately $10,366,000. Finally, Bank of America Corp DE purchased a new position in Absci in the second quarter valued at approximately $6,560,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

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.