Absci's (ABSI) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI - Free Report) in a research report report published on Wednesday,Benzinga reports. Needham & Company LLC currently has a $9.00 price target on the stock.

A number of other equities analysts have also issued reports on the stock. Guggenheim restated a "buy" rating and set a $10.00 target price on shares of Absci in a research report on Thursday, March 20th. KeyCorp raised their target price on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Finally, HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, March 19th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $8.40.

Absci Trading Down 4.7%

ABSI stock traded down $0.14 during mid-day trading on Wednesday, hitting $2.75. 2,490,357 shares of the company were exchanged, compared to its average volume of 2,714,904. The firm has a market capitalization of $350.12 million, a P/E ratio of -2.95 and a beta of 2.19. Absci has a 12-month low of $2.01 and a 12-month high of $6.33. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $2.87 and a 200-day simple moving average of $3.33.

Absci (NASDAQ:ABSI - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.02. The firm had revenue of $1.18 million for the quarter, compared to analysts' expectations of $1.07 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. On average, equities research analysts predict that Absci will post -0.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alpha Cubed Investments LLC purchased a new stake in shares of Absci during the 4th quarter worth about $26,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Absci in the 1st quarter valued at approximately $26,000. Ballentine Partners LLC acquired a new stake in shares of Absci during the 4th quarter valued at approximately $27,000. Neuberger Berman Group LLC acquired a new stake in shares of Absci during the 1st quarter valued at approximately $26,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Absci during the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 52.05% of the company's stock.

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.