Absci (NASDAQ:ABSI) Price Target Raised to $16.00

Absci (NASDAQ:ABSI) had its target price lifted by BTIG Research from $13.00 to $16.00 in a research report report published on Tuesday morning, Marketbeat reports. BTIG Research currently has a buy rating on the stock.

ABSI has been the topic of several other research reports. HC Wainwright increased their target price on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Absci in a research note on Wednesday, August 12th. Leerink Partners assumed coverage on Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $13.71.

Absci Stock Down 4.7%

ABSI opened at $8.24 on Tuesday. The firm has a 50-day moving average price of $9.04 and a 200-day moving average price of $6.36. Absci has a twelve month low of $2.24 and a twelve month high of $12.06. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -10.30 and a beta of 2.42.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. On average, sell-side analysts expect that Absci will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of large investors have recently added to or reduced their stakes in ABSI. BlackRock Inc. purchased a new position in shares of Absci during the 2nd quarter valued at about $141,112,000. State Street Corp boosted its stake in Absci by 190.1% in the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after buying an additional 3,925,926 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Absci in the fourth quarter worth approximately $8,201,000. Baker BROS. Advisors LP purchased a new stake in Absci in the fourth quarter worth approximately $7,450,000. Finally, Price T Rowe Associates Inc. MD grew its position in Absci by 2,955.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock valued at $7,526,000 after acquiring an additional 2,085,501 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.