Absci (NASDAQ:ABSI) Stock Gets Price Target Boost from KeyCorp

Key Points

• KeyCorp raised Absci’s price target from $16 to $20 and maintained an “overweight” rating, implying 125.23% upside from the prior close.
• Analyst sentiment is broadly positive: 10 analysts rate the stock Buy and one rates it Sell, resulting in a “Moderate Buy” consensus and average price target of $14.56.
• Absci shares opened at $8.88, while the company continues to report significant losses; its latest quarterly EPS and revenue both fell short of analyst estimates. Institutional investors own approximately 52.05% of the stock.

Absci (NASDAQ:ABSI - Get Free Report) had its target price boosted by equities researchers at KeyCorp from $16.00 to $20.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's target price would indicate a potential upside of 125.23% from the company's previous close.

ABSI has been the subject of several other reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of Absci in a research note on Wednesday, September 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Absci from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday. Guggenheim reiterated a "buy" rating on shares of Absci in a report on Monday, September 28th. Finally, Morgan Stanley reissued a "positive" rating and issued a $10.00 price objective on shares of Absci in a research report on Thursday, June 25th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Absci has an average rating of "Moderate Buy" and a consensus price target of $14.56.

Absci Trading Up 1.6%

Shares of NASDAQ:ABSI opened at $8.88 on Friday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -11.10 and a beta of 2.27. The stock's 50-day moving average price is $9.35 and its two-hundred day moving average price is $7.57. Absci has a 12-month low of $2.24 and a 12-month high of $12.06.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. As a group, research analysts forecast that Absci will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. BlackRock Inc. acquired a new position in shares of Absci during the second quarter valued at $141,112,000. Siren L.L.C. acquired a new stake in Absci in the first quarter worth about $5,400,000. Parkman Healthcare Partners LLC acquired a new stake in Absci in the second quarter worth about $10,366,000. Bank of America Corp DE bought a new position in Absci in the 2nd quarter valued at about $6,560,000. Finally, Artia Global Partners LP bought a new position in Absci in the 2nd quarter valued at about $5,383,000. Institutional investors and hedge funds own 52.05% of the company's stock.

Absci Company Profile

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci's platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.

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