Needham & Company LLC Reiterates Buy Rating for Absci (NASDAQ:ABSI)

Needham & Company LLC restated their buy rating on shares of Absci (NASDAQ:ABSI - Free Report) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $9.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. KeyCorp upped their price target on shares of Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Guggenheim reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Absci in a report on Thursday, March 20th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price objective 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, Absci has a consensus rating of "Buy" and a consensus target price of $8.40.

Absci Stock Performance

NASDAQ ABSI traded down $0.08 on Wednesday, reaching $2.88. The stock had a trading volume of 2,894,277 shares, compared to its average volume of 2,706,790. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. The firm has a fifty day moving average of $2.87 and a two-hundred day moving average of $3.34. Absci has a 1-year low of $2.01 and a 1-year high of $6.33. The company has a market cap of $367.34 million, a P/E ratio of -3.10 and a beta of 2.19.

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

Hedge Funds Weigh In On Absci

A number of institutional investors have recently modified their holdings of ABSI. Alpha Cubed Investments LLC acquired a new position in shares of Absci during the 4th quarter worth $26,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Absci during the 1st quarter worth $26,000. Neuberger Berman Group LLC acquired a new position in shares of Absci during the 1st quarter worth $26,000. Ballentine Partners LLC acquired a new position in shares of Absci during the 4th quarter worth $27,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Absci during the 4th quarter worth $28,000. Institutional investors and hedge funds own 52.05% of the company's stock.

Absci Company Profile

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.