Absci (NASDAQ:ABSI) Earns “Buy” Rating from HC Wainwright

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 132.17% from the company’s current price.

Separately, Guggenheim began coverage on shares of Absci in a research report on Wednesday, October 2nd. They set a “buy” rating and a $10.00 target price on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.67.

Absci Stock Performance

Shares of ABSI opened at $3.02 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 firm has a market cap of $342.38 million, a PE ratio of -3.24 and a beta of 2.18. The company’s 50 day simple moving average is $3.94 and its 200-day simple moving average is $4.07. Absci has a 12-month low of $1.29 and a 12-month high of $6.72.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The business had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative return on equity of 45.94% and a negative net margin of 2,321.56%. During the same quarter last year, the business posted ($0.24) earnings per share. As a group, equities analysts predict that Absci will post -0.8 EPS for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of ABSI. FMR LLC lifted its holdings in Absci by 1.2% in the third quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after acquiring an additional 147,156 shares during the period. Redmile Group LLC lifted its holdings in Absci by 2.8% in the first quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock valued at $46,879,000 after acquiring an additional 222,222 shares during the period. Fred Alger Management LLC lifted its holdings in Absci by 4.3% in the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $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% in the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after acquiring an additional 833,734 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Absci by 33.7% in the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after acquiring an additional 869,131 shares during the period. 52.05% of the stock is currently owned by hedge funds and other 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.