HC Wainwright Reaffirms Buy Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 141.38% from the company’s previous close.

Several other research firms have also recently commented on ABSI. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Absci in a research note on Tuesday, December 3rd. KeyCorp reduced their price objective on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Absci has an average rating of “Buy” and a consensus price target of $8.50.

Absci Price Performance

Absci stock opened at $2.90 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. Absci has a one year low of $2.45 and a one year high of $6.72. The business has a fifty day moving average of $3.07 and a two-hundred day moving average of $3.68. The company has a market cap of $333.09 million, a P/E ratio of -3.12 and a beta of 2.04.

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

Institutional Investors Weigh In On Absci

Several large investors have recently modified their holdings of the business. FMR LLC raised its holdings in shares of Absci by 1.2% in the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after purchasing an additional 147,156 shares during the period. Fred Alger Management LLC boosted its holdings in shares of Absci by 4.3% during the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after acquiring an additional 309,843 shares during the period. ARK Investment Management LLC lifted its holdings in Absci by 15.1% during the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after purchasing an additional 833,734 shares during the last quarter. Geode Capital Management LLC increased its position in Absci by 6.8% during the third quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock worth $7,388,000 after acquiring an additional 123,896 shares during the period. Finally, Marshall Wace LLP raised its stake in Absci by 23.3% in the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock worth $5,648,000 after purchasing an additional 347,079 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors.

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.