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

Needham & Company LLC initiated coverage on shares of Absci (NASDAQ:ABSI) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $9.00 price objective on the stock.

Several other analysts also recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Friday, January 17th. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of Absci in a research note on Tuesday, December 3rd. Finally, KeyCorp dropped their price target on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.57.

Absci Stock Performance

Shares of ABSI stock opened at $4.00 on Wednesday. The stock’s 50-day moving average price is $3.10 and its 200 day moving average price is $3.69. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $459.44 million, a PE ratio of -4.30 and a beta of 2.04. Absci has a 52-week low of $2.45 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The firm had revenue of $1.70 million during the quarter, compared to analyst estimates of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same quarter in the previous year, the business earned ($0.24) EPS. As a group, equities research analysts forecast that Absci will post -0.9 EPS for the current year.

Institutional Investors Weigh In On Absci

Large investors have recently made changes to their positions in the company. PCA Investment Advisory Services Inc. acquired a new position in Absci during the 4th quarter valued at about $26,000. Alpha Cubed Investments LLC bought a new position in shares of Absci in the fourth quarter valued at approximately $26,000. Ballentine Partners LLC acquired a new position in shares of Absci during the fourth quarter valued at approximately $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Absci in the third quarter worth approximately $53,000. Finally, Farther Finance Advisors LLC boosted its stake in Absci by 119.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after purchasing an additional 10,275 shares in the last quarter. 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.