Absci Corporation (NASDAQ:ABSI) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Absci has a consensus analyst rating of “Moderate Buy”, with nine analysts covering the stock: eight rate it a buy and one a sell. The average 12-month price target is about $13.43.
• Recent analyst action was mostly positive, including higher targets from HC Wainwright, BTIG Research, and Needham, while Wall Street Zen downgraded the stock to sell. The differing views suggest some caution despite broad bullish sentiment.
• Absci reported a smaller-than-expected quarterly loss, but revenue fell far short of estimates, and the company still faces negative profitability metrics. The stock was trading around $8.16, below the average analyst target but above its 200-day moving average.

Shares of Absci Corporation (NASDAQ:ABSI - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the nine analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $13.4286.

A number of research firms recently weighed in on ABSI. HC Wainwright increased their price objective on shares of Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. BTIG Research boosted their target price on shares of Absci from $9.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Morgan Stanley restated a "positive" rating and issued a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Wall Street Zen cut Absci from a "hold" rating to a "sell" rating in a report on Sunday, July 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective (up from $7.00) on shares of Absci in a research report on Wednesday, June 24th.

Absci Trading Down 1.7%

ABSI stock opened at $8.16 on Tuesday. Absci has a twelve month low of $2.24 and a twelve month high of $12.06. The company has a market capitalization of $1.27 billion, a P/E ratio of -9.83 and a beta of 2.32. The firm has a 50 day simple moving average of $7.83 and a 200-day simple moving average of $4.85.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The business had revenue of $0.21 million for the quarter, compared to analysts' expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. On average, research analysts predict that Absci will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Absci

Several hedge funds have recently made changes to their positions in the business. Baker BROS. Advisors LP acquired a new stake in Absci in the 4th quarter worth $7,450,000. UBS Group AG raised its position in shares of Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company's stock valued at $9,421,000 after buying an additional 706,396 shares during the last quarter. Platinum Investment Management Ltd. acquired a new position in shares of Absci during the fourth quarter valued at about $830,000. Essential Partners LLC lifted its stake in shares of Absci by 113,850.0% in the first quarter. Essential Partners LLC now owns 9,116 shares of the company's stock valued at $27,000 after buying an additional 9,108 shares during the period. Finally, Siren L.L.C. bought a new stake in shares of Absci in the first quarter valued at about $5,400,000. Institutional investors and hedge funds own 52.05% of the company's stock.

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.

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