Absci’s (ABSI) Buy Rating Reiterated at BTIG Research

BTIG Research restated their buy rating on shares of Absci (NASDAQ:ABSI) in a research report released on Wednesday,Benzinga reports. The brokerage currently has a $13.00 price objective on the stock.

A number of other brokerages also recently issued reports on ABSI. HC Wainwright raised their price target on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Friday, July 17th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 target price for the company. Morgan Stanley reaffirmed a “positive” rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Finally, Guggenheim upped their price target on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Eight equities 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.com, Absci has an average rating of “Moderate Buy” and an average price target of $13.43.

Absci Price Performance

NASDAQ ABSI opened at $9.18 on Wednesday. Absci has a 1 year low of $2.24 and a 1 year high of $12.06. The stock has a market capitalization of $1.58 billion, a PE ratio of -11.47 and a beta of 2.35. The business’s 50-day moving average is $8.85 and its 200 day moving average is $5.50.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The business had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. As a group, equities research analysts anticipate that Absci will post -0.71 earnings per share for the current year.

Hedge Funds Weigh In On Absci

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. BlackRock Inc. acquired a new stake in shares of Absci during the second quarter worth approximately $141,112,000. State Street Corp boosted its position in Absci by 190.1% during the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after acquiring an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Absci during the 4th quarter worth approximately $8,201,000. Baker BROS. Advisors LP acquired a new position in Absci during the fourth quarter worth $7,450,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Absci by 2,955.4% in the 4th 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 period. 52.05% of the stock is currently owned by institutional investors.

About Absci

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.