Absci (NASDAQ:ABSI) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Absci (NASDAQ:ABSI) in a research note issued on Wednesday, Stock Target Advisor reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 179.50% from the stock’s current price.

Several other brokerages have also recently issued reports on ABSI. KeyCorp decreased their target price on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price target on shares of Absci in a report on Tuesday, December 3rd. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Friday, January 17th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.57.

Absci Trading Up 11.0 %

NASDAQ ABSI opened at $3.22 on Wednesday. The business’s fifty day moving average is $3.03 and its 200 day moving average is $3.68. Absci has a twelve month low of $2.45 and a twelve month high of $6.72. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a market cap of $369.85 million, a price-to-earnings ratio of -3.46 and a beta of 2.04.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The business had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. During the same quarter last year, the business posted ($0.24) EPS. As a group, sell-side analysts expect that Absci will post -0.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. PCA Investment Advisory Services Inc. purchased a new position in Absci during the fourth quarter worth about $26,000. Alpha Cubed Investments LLC bought a new stake in shares of Absci in the 4th quarter valued at about $26,000. Ballentine Partners LLC bought a new position in Absci during the 4th quarter valued at approximately $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Absci during the 3rd quarter valued at approximately $53,000. Finally, Farther Finance Advisors LLC raised its position in Absci by 119.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after purchasing an additional 10,275 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.