Absci Corporation (NASDAQ:ABSI) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Absci Corporation (NASDAQ:ABSI) have been given a consensus recommendation of “Moderate Buy” by the nine analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $13.4286.

A number of research firms have issued reports on ABSI. Guggenheim increased their price target on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price (up from $7.00) on shares of Absci in a report on Wednesday, June 24th. Truist Financial lifted their price target on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Leerink Partners started coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Finally, HC Wainwright upped 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.

Absci Trading Down 6.3%

ABSI stock opened at $7.56 on Tuesday. The business’s fifty day moving average price is $8.05 and its 200 day moving average price is $4.97. Absci has a 12-month low of $2.24 and a 12-month high of $12.06. The company has a market capitalization of $1.18 billion, a PE ratio of -9.11 and a beta of 2.32.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results 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. The business had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Research analysts predict that Absci will post -0.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. HB Wealth Management LLC lifted its stake in Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock valued at $39,000 after buying an additional 2,862 shares during the last quarter. Legal & General Group Plc boosted its stake in Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares during the period. Deutsche Bank AG grew its position in Absci by 5.6% during the 4th quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after purchasing an additional 4,892 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after purchasing an additional 5,385 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Absci by 14.3% in the fourth quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after buying an additional 6,826 shares during the last quarter. Hedge funds and other 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.