Absci (NASDAQ:ABSI) Receives "Buy" Rating from Needham & Company LLC

Key Points

• Needham & Company reiterated its “Buy” rating on Absci and set an $11 price target, implying 16.9% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate Absci a Buy and one a Sell, producing a consensus “Moderate Buy” rating and a $13.43 price target.
• Absci’s latest quarter fell short of expectations, with an adjusted loss of $0.21 per share versus the estimated $0.19 loss and revenue of $0.32 million versus the $0.89 million estimate.

Absci (NASDAQ:ABSI - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC's target price would suggest a potential upside of 16.90% from the stock's previous close.

ABSI has been the topic of a number of other reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. HC Wainwright increased their target price on shares of Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Morgan Stanley reiterated a "positive" rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Wall Street Zen downgraded shares of Absci from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Finally, BTIG Research lifted their target price on Absci from $9.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Absci Trading Up 4.4%

Shares of NASDAQ ABSI opened at $9.41 on Wednesday. The stock has a fifty day moving average price of $8.68 and a 200 day moving average price of $5.38. The company has a market cap of $1.47 billion, a P/E ratio of -11.34 and a beta of 2.35. Absci has a 12-month low of $2.24 and a 12-month high of $12.06.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.89 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. On average, sell-side analysts forecast that Absci will post -0.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Absci in the second quarter worth $141,112,000. State Street Corp raised its stake in shares of Absci by 190.1% during the 4th quarter. State Street Corp now owns 5,990,877 shares of the company's stock worth $20,908,000 after purchasing an additional 3,925,926 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Absci in the fourth quarter valued at approximately $8,201,000. Baker BROS. Advisors LP acquired a new stake in shares of Absci in the 4th quarter valued at $7,450,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Absci by 2,955.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company's stock worth $7,526,000 after buying an additional 2,085,501 shares during the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

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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