Absci (NASDAQ:ABSI) Price Target Raised to $16.00

Key Points

• BTIG Research raised Absci’s price target to $16 from $13 and maintained a “buy” rating, implying 81.41% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock “buy” and one rates it “sell,” resulting in a consensus “Moderate Buy” rating and average target of $13.86.
• Absci recently missed quarterly expectations, reporting an adjusted loss of $0.21 per share versus $0.19 expected and revenue of $0.32 million versus $0.92 million expected; institutional investors own 52.05% of the company.

Absci (NASDAQ:ABSI - Get Free Report) had its price target hoisted by research analysts at BTIG Research from $13.00 to $16.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price indicates a potential upside of 81.41% from the stock's previous close.

ABSI has been the topic of a number of other reports. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Absci in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Truist Financial boosted their price target on shares of Absci from $11.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Guggenheim increased their price objective on shares of Absci from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Finally, Leerink Partners assumed coverage on shares of Absci in a report on Thursday, June 4th. They set an "outperform" rating and a $12.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $13.86.

Absci Stock Performance

NASDAQ ABSI opened at $8.82 on Tuesday. Absci has a twelve month low of $2.24 and a twelve month high of $12.06. The stock has a market cap of $1.51 billion, a PE ratio of -11.03 and a beta of 2.42. The firm has a 50-day simple moving average of $9.21 and a 200 day simple moving average of $6.23.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings results 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). The firm had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Research analysts forecast that Absci will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its position in Absci by 279.4% during the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company's stock worth $139,000 after acquiring an additional 40,901 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Absci by 17.5% in the first quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company's stock worth $790,000 after purchasing an additional 46,975 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Absci by 32.9% during the first quarter. Woodline Partners LP now owns 1,391,245 shares of the company's stock worth $3,492,000 after purchasing an additional 344,270 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company's stock worth $6,286,000 after purchasing an additional 448,984 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Absci by 145.4% in the second quarter. Creative Planning now owns 46,882 shares of the company's stock valued at $120,000 after buying an additional 27,775 shares in the last quarter. Institutional investors own 52.05% of the company's stock.

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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