Absci (NASDAQ:ABSI) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Absci from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with eight buy ratings and a consensus price target of $13.43.
• Other analysts recently raised their price targets to between $15 and $17, but Absci’s latest quarterly results missed expectations, reporting a $0.21 per-share loss and $0.32 million in revenue.
• Absci shares opened at $9.18, up significantly from their 200-day moving average of $5.50; institutional investors own approximately 52.05% of the company.

Absci (NASDAQ:ABSI - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Other analysts also recently issued reports about the stock. HC Wainwright boosted 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. Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Morgan Stanley restated a "positive" rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of Absci in a report on Wednesday. Finally, Guggenheim increased their price objective on Absci from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, June 15th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.43.

Absci Stock Down 3.0%

NASDAQ:ABSI opened at $9.18 on Friday. The business's 50-day moving average price is $8.85 and its 200 day moving average price is $5.50. Absci has a 52-week low of $2.24 and a 52-week high of $12.06. The firm has a market cap of $1.58 billion, a P/E ratio of -11.47 and a beta of 2.35.

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

Institutional Trading of Absci

Hedge funds have recently made changes to their positions in the stock. Siren L.L.C. purchased a new position in Absci in the first quarter valued at about $5,400,000. Baker BROS. Advisors LP purchased a new stake in shares of Absci during the 4th quarter worth about $7,450,000. UBS Group AG raised its stake in shares of Absci by 35.4% during the 4th quarter. UBS Group AG now owns 2,699,505 shares of the company's stock worth $9,421,000 after purchasing an additional 706,396 shares in the last quarter. Platinum Investment Management Ltd. acquired a new stake in shares of Absci during the 4th quarter valued at about $830,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Absci during the 2nd quarter valued at about $944,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Company Profile

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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