Absci (NASDAQ:ABSI) Stock Keeps Buy Rating at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on Absci and set a $16 price target, implying 62.52% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: eight analysts rate Absci a Buy and one rates it Sell, resulting in a consensus “Moderate Buy” rating and an average price target of $13.71.
• Absci reported weaker-than-expected quarterly results, with an EPS loss of $0.21 versus a $0.19 consensus loss and revenue of $0.32 million versus estimates of $0.92 million; the stock opened at $9.85 and was down 3.1%.

Absci (NASDAQ:ABSI - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at HC Wainwright in a research report issued on Monday, Benzinga reports. They presently have a $16.00 target price on the stock. HC Wainwright's target price indicates a potential upside of 62.52% from the company's current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Absci in a research report on Wednesday, September 23rd. Morgan Stanley restated a "positive" rating and set a $10.00 price objective on shares of Absci in a research report on Thursday, June 25th. BTIG Research set a $15.00 target price on shares of Absci and gave the stock a "buy" rating in a research report on Tuesday, September 8th. Lifesci Capital started coverage on shares of Absci in a research report on Wednesday, September 9th. They issued an "outperform" rating on the stock. Finally, Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Absci has an average rating of "Moderate Buy" and a consensus price target of $13.71.

Absci Trading Down 3.1%

ABSI opened at $9.85 on Monday. The company has a 50 day moving average of $9.28 and a 200 day moving average of $7.40. The company has a market cap of $1.69 billion, a PE ratio of -12.32 and a beta of 2.27. Absci has a 12 month low of $2.24 and a 12 month high of $12.06.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) 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 firm had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Research analysts forecast that Absci will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd bought a new position in shares of Absci in the second quarter worth approximately $445,000. Engineers Gate Manager LP bought a new position in shares of Absci during the second quarter worth $305,000. Integrated Wealth Concepts LLC bought a new position in shares of Absci during the second quarter worth $53,000. Corient Private Wealth LP bought a new position in shares of Absci during the second quarter worth $270,000. Finally, AXQ Capital LP raised its stake in Absci by 10.5% during the second quarter. AXQ Capital LP now owns 36,000 shares of the company's stock valued at $417,000 after purchasing an additional 3,435 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

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.