Absci (NASDAQ:ABSI) Stock Price Target Raised at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Absci’s price target from $14 to $15 while maintaining an “overweight” rating, implying 55.68% upside from the prior close.
• Analyst sentiment is broadly positive: nine analysts rate Absci a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $13.88.
• Absci’s latest quarterly results fell short of expectations, with a $0.21 per-share loss and $0.32 million in revenue versus analysts’ estimates of a $0.19 loss and $0.92 million in revenue.

Absci (NASDAQ:ABSI - Get Free Report) had its price objective upped by JPMorgan Chase & Co. from $14.00 to $15.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 55.68% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Morgan Stanley restated a "positive" rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Guggenheim reiterated a "buy" rating on shares of Absci in a research note on Monday, September 28th. Wall Street Zen raised shares of Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. BTIG Research set a $15.00 target price on shares of Absci and gave the company a "buy" rating in a research note on Tuesday, September 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $16.00 target price on shares of Absci in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.88.

Absci Price Performance

ABSI stock traded down $0.53 during trading on Monday, reaching $9.63. 1,921,723 shares of the stock traded hands, compared to its average volume of 4,347,540. The business's 50 day moving average price is $9.28 and its 200-day moving average price is $7.40. Absci has a 52-week low of $2.24 and a 52-week high of $12.06. The firm has a market capitalization of $1.65 billion, a PE ratio of -12.02 and a beta of 2.27.

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). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. The firm had revenue of $0.32 million during the quarter, compared to analysts' expectations of $0.92 million. On average, equities research analysts predict that Absci will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Absci

A number of large investors have recently modified their holdings of the stock. Essential Partners LLC lifted its position in Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company's stock worth $27,000 after acquiring an additional 9,108 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Absci in the 1st quarter worth approximately $31,000. HB Wealth Management LLC boosted its holdings in Absci by 28.4% in the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock worth $39,000 after acquiring an additional 2,862 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Absci in the second quarter valued at approximately $53,000. Finally, Persistent Asset Partners Ltd acquired a new stake in Absci in the second quarter valued at approximately $123,000. 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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