Absci Corporation (NASDAQ:ABSI) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Absci has a “Moderate Buy” consensus rating from nine analysts, with eight buy ratings and one sell rating. The average 12-month price target is $13.43, with recent targets ranging from $10 to $13.
• ABSI opened at $9.18, with a market capitalization of approximately $1.58 billion and a 12-month trading range of $2.24 to $12.06.
• The company reported a quarterly loss of $0.21 per share, missing the $0.19 consensus estimate, while revenue of $0.32 million fell short of the $0.92 million forecast. Institutional investors and hedge funds own approximately 52.05% of the stock.

Absci Corporation (NASDAQ:ABSI - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $13.4286.

Several brokerages recently weighed in on ABSI. Wall Street Zen raised Absci from a "sell" rating to a "hold" rating in a report on Saturday. Morgan Stanley reaffirmed a "positive" rating and set a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Leerink Partners began coverage on Absci in a research report on Thursday, June 4th. They issued an "outperform" rating and a $12.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price target on shares of Absci in a report on Wednesday. Finally, BTIG Research reiterated a "buy" rating and issued a $13.00 price target on shares of Absci in a report on Wednesday.

Absci Price Performance

NASDAQ ABSI opened at $9.18 on Friday. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -11.47 and a beta of 2.35. Absci has a 12 month low of $2.24 and a 12 month high of $12.06. The company's fifty day moving average price is $8.85 and its two-hundred day moving average price is $5.50.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. As a group, analysts anticipate that Absci will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of Absci during the third quarter worth $26,000. Essential Partners LLC lifted its position in shares of Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company's stock worth $27,000 after buying an additional 9,108 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock valued at $29,000 after buying an additional 5,385 shares during the period. Legal & General Group Plc boosted its holdings in shares of Absci by 45.9% in the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock valued at $30,000 after buying an additional 3,678 shares during the period. Finally, Principal Financial Group Inc. bought a new stake in shares of Absci during the 1st quarter valued at about $31,000. 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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