Absci (NASDAQ:ABSI) Earns Buy Rating from Needham & Company LLC

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $9.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 267.35% from the stock’s previous close.

Several other research firms also recently issued reports on ABSI. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Wednesday, March 19th. KeyCorp dropped their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Guggenheim reiterated a “buy” rating and set a $10.00 price objective on shares of Absci in a research note on Thursday, March 20th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $7.60.

Absci Price Performance

Shares of ABSI stock opened at $2.45 on Wednesday. The firm has a fifty day simple moving average of $3.58 and a 200-day simple moving average of $3.51. The company has a market capitalization of $312.01 million, a PE ratio of -2.63 and a beta of 2.22. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $0.67 million during the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. Equities research analysts anticipate that Absci will post -0.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Absci by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock worth $2,666,000 after purchasing an additional 11,602 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Absci during the third quarter worth $231,000. Wellington Management Group LLP lifted its position in shares of Absci by 44.8% in the 3rd quarter. Wellington Management Group LLP now owns 348,854 shares of the company’s stock worth $1,333,000 after buying an additional 107,980 shares during the last quarter. Barclays PLC lifted its position in shares of Absci by 379.6% in the 3rd quarter. Barclays PLC now owns 131,504 shares of the company’s stock worth $503,000 after buying an additional 104,083 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Absci by 6.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock valued at $7,388,000 after buying an additional 123,896 shares during the period. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

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.