Absci Corporation (NASDAQ:ABSI) Receives $13.43 Consensus Target Price from Brokerages

Absci Corporation (NASDAQ:ABSI) has been given a consensus rating of “Moderate Buy” by the nine brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $13.4286.

ABSI has been the topic of a number of research reports. Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Leerink Partners started coverage on shares of Absci in a research report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target for the company. Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Absci in a report on Wednesday, August 12th. Finally, Guggenheim boosted their price objective on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, June 15th.

Absci Trading Up 12.9%

Shares of ABSI stock opened at $9.99 on Friday. Absci has a twelve month low of $2.24 and a twelve month high of $12.06. The stock has a fifty day simple moving average of $9.01 and a two-hundred day simple moving average of $5.65. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -12.49 and a beta of 2.35.

Absci (NASDAQ:ABSI) last announced its quarterly 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). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The firm had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. Research analysts predict that Absci will post -0.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in shares of Absci in the 3rd quarter worth $26,000. Essential Partners LLC boosted its position in Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after purchasing an additional 9,108 shares in the last quarter. Scientech Research LLC bought a new stake in Absci during the third quarter valued at about $31,000. Principal Financial Group Inc. purchased a new position in Absci in the first quarter valued at about $31,000. Finally, Xponance LLC purchased a new position in Absci in the fourth quarter valued at about $37,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.