Absci (NASDAQ:ABSI) Given Buy Rating at Needham & Company LLC

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They currently have a $7.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 131.02% from the stock’s current price.

A number of other analysts have also weighed in on ABSI. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st. HC Wainwright lifted their price target on shares of Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Morgan Stanley downgraded shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective on the stock. in a research report on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.66.

Absci Price Performance

ABSI stock opened at $3.03 on Wednesday. The business’s 50-day moving average is $2.83 and its two-hundred day moving average is $3.19. The firm has a market capitalization of $455.62 million, a P/E ratio of -3.37 and a beta of 2.12. Absci has a 1 year low of $2.01 and a 1 year high of $5.23.

Insider Activity at Absci

In other news, CEO Sean Mcclain sold 26,761 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the sale, the chief executive officer owned 8,334,567 shares in the company, valued at approximately $24,920,355.33. The trade was a 0.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andreas Busch bought 100,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider owned 421,446 shares in the company, valued at approximately $965,111.34. This represents a 31.11% increase in their position. The disclosure for this purchase is available in the SEC filing. 10.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Absci

Several large investors have recently bought and sold shares of ABSI. State Street Corp increased its position in shares of Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after purchasing an additional 3,925,926 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Absci in the 4th quarter valued at about $8,201,000. Baker BROS. Advisors LP acquired a new stake in shares of Absci in the 4th quarter valued at about $7,450,000. ARK Investment Management LLC grew its stake in Absci by 21.1% during the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after buying an additional 2,116,845 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Absci by 2,955.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after buying an additional 2,085,501 shares during the last quarter. Institutional investors and hedge funds 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.