Absci (NASDAQ:ABSI) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Absci (NASDAQ:ABSI) had its price objective upped by analysts at JPMorgan Chase & Co. from $14.00 to $15.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 55.68% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen raised Absci from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Truist Financial lifted their price objective on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. HC Wainwright restated a “buy” rating and set a $16.00 price objective on shares of Absci in a report on Monday. Guggenheim reaffirmed a “buy” rating on shares of Absci in a research report on Monday, September 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Absci in a research note on Wednesday, September 23rd. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.88.

Absci Trading Down 5.2%

ABSI stock traded down $0.53 during trading on Monday, reaching $9.63. The stock had a trading volume of 1,921,723 shares, compared to its average volume of 4,347,540. Absci has a 1-year low of $2.24 and a 1-year high of $12.06. The company has a market capitalization of $1.65 billion, a P/E ratio of -12.02 and a beta of 2.27. The firm has a fifty day moving average price of $9.28 and a 200 day moving average price of $7.40.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share 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 business had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Sell-side analysts predict that Absci will post -0.74 EPS for the current year.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Absci in the second quarter worth about $141,112,000. Baker BROS. Advisors LP bought a new stake in Absci in the fourth quarter valued at about $7,450,000. Siren L.L.C. bought a new stake in Absci in the first quarter valued at about $5,400,000. Parkman Healthcare Partners LLC acquired a new stake in Absci during the second quarter valued at approximately $10,366,000. Finally, Bank of America Corp DE acquired a new stake in Absci during the second quarter valued at approximately $6,560,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.