Absci (NASDAQ:ABSI) Coverage Initiated at Guggenheim

Analysts at Guggenheim started coverage on shares of Absci (NASDAQ:ABSI) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Guggenheim’s price target indicates a potential upside of 176.24% from the stock’s current price.

ABSI has been the subject of a number of other reports. KeyCorp dropped their target price on shares of Absci from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Thursday, August 15th. Finally, Morgan Stanley assumed coverage on Absci in a report on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.67.

Absci Stock Performance

NASDAQ ABSI opened at $3.62 on Wednesday. The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $4.05 and its two-hundred day moving average is $4.35. The stock has a market capitalization of $409.36 million, a price-to-earnings ratio of -3.12 and a beta of 2.21. Absci has a 12-month low of $1.11 and a 12-month high of $6.72.

Absci (NASDAQ:ABSI) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same quarter in the previous year, the company posted ($0.27) EPS. Research analysts expect that Absci will post -0.8 EPS for the current year.

Institutional Investors Weigh In On Absci

Several hedge funds have recently modified their holdings of ABSI. The Manufacturers Life Insurance Company purchased a new position in shares of Absci during the second quarter valued at approximately $100,000. Deerfield Management Company L.P. Series C lifted its stake in shares of Absci by 285.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 183,093 shares of the company’s stock worth $564,000 after purchasing an additional 135,652 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Absci by 72.4% during the second quarter. Squarepoint Ops LLC now owns 369,187 shares of the company’s stock worth $1,137,000 after purchasing an additional 155,007 shares during the last quarter. Marshall Wace LLP grew its position in shares of Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after purchasing an additional 347,079 shares during the period. Finally, Bank of Montreal Can acquired a new position in Absci in the second quarter valued at $527,000. 52.05% of the stock is owned by institutional investors and hedge funds.

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.