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

Key Points

• Needham reaffirmed a Buy rating on Absci with an $11 price target, implying 8.98% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $13.71.
• Absci shares rose 3.6% to $10.09, though the biotechnology company reported a quarterly EPS loss of $0.21 versus the $0.19 consensus estimate and revenue of $0.32 million versus expectations of $0.92 million.
• Institutional ownership stands at 52.05%, with BlackRock and several healthcare-focused investors recently establishing positions in the company.

Absci (NASDAQ:ABSI - Get Free Report)'s stock had its "buy" rating reiterated by investment 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 indicate a potential upside of 8.98% from the company's previous close.

ABSI has been the subject of several other reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. Truist Financial boosted their price target on Absci from $11.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Morgan Stanley reiterated a "positive" rating and set a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Guggenheim upped their target price on Absci from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, June 15th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Absci currently has an average rating of "Moderate Buy" and an average target price of $13.71.

Absci Stock Up 3.6%

Absci stock traded up $0.35 during midday trading on Wednesday, reaching $10.09. 1,647,402 shares of the stock traded hands, compared to its average volume of 4,349,274. The stock has a market cap of $1.73 billion, a P/E ratio of -12.59 and a beta of 2.42. Absci has a 12 month low of $2.24 and a 12 month high of $12.06. The stock's fifty day moving average is $8.71 and its 200-day moving average is $6.76.

Absci (NASDAQ:ABSI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. On average, equities analysts predict that Absci will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Absci in the 2nd quarter worth about $141,112,000. Baker BROS. Advisors LP acquired a new position in Absci in the 4th quarter worth about $7,450,000. Siren L.L.C. acquired a new position in Absci in the 1st quarter worth about $5,400,000. Parkman Healthcare Partners LLC acquired a new position in Absci in the 2nd quarter worth about $10,366,000. Finally, Bank of America Corp DE acquired a new position in Absci in the 2nd quarter worth about $6,560,000. Institutional investors and hedge funds own 52.05% of the company's stock.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company's capabilities include target discovery, protein design, antibody generation, and experimental validation.