Lifesci Capital Begins Coverage on Absci (NASDAQ:ABSI)

Key Points

• Lifesci Capital initiated coverage of Absci with an “outperform” rating. Other analysts are also generally bullish, with nine Buy ratings and one Sell rating, an average “Moderate Buy” consensus, and a $13.71 average price target.
• Absci shares fell 2.9% to $8.65 during Wednesday trading, while remaining well above their 52-week low of $2.24. The stock has a $1.48 billion market capitalization and high volatility, reflected by a beta of 2.42.
• The biotechnology company reported a quarterly loss of $0.21 per share versus the $0.19 analyst estimate, while revenue of $0.32 million missed the $0.92 million consensus forecast. Institutional investors own approximately 52.05% of Absci’s shares.

Equities researchers at Lifesci Capital began coverage on shares of Absci (NASDAQ:ABSI - Get Free Report) in a research note issued to investors on Wednesday, Benzinga reports. The firm set an "outperform" rating on the stock.

A number of other research firms also recently weighed in on ABSI. BTIG Research set a $15.00 price target on shares of Absci and gave the stock a "buy" rating in a research note on Tuesday. Truist Financial increased their price objective on shares of Absci from $11.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a report on Friday, July 17th. Morgan Stanley reiterated a "positive" rating and set a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Absci in a research note on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Absci has an average rating of "Moderate Buy" and an average price target of $13.71.

Absci Stock Down 2.9%

Shares of ABSI stock traded down $0.26 during mid-day trading on Wednesday, reaching $8.65. The stock had a trading volume of 2,026,557 shares, compared to its average volume of 4,344,554. The firm's 50 day simple moving average is $9.16 and its 200 day simple moving average is $6.28. Absci has a one year low of $2.24 and a one year high of $12.06. The firm has a market cap of $1.48 billion, a PE ratio of -10.81 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (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 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%. Sell-side analysts forecast that Absci will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of Absci

Large investors have recently bought and sold shares of the stock. HB Wealth Management LLC lifted its holdings in shares of Absci by 28.4% during the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock valued at $39,000 after acquiring an additional 2,862 shares during the period. AXQ Capital LP boosted its stake in shares of Absci by 10.5% in the 2nd 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. Legal & General Group Plc grew its holdings in shares of Absci by 45.9% in the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock worth $30,000 after purchasing an additional 3,678 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Absci in the 2nd quarter worth about $53,000. Finally, Deutsche Bank AG increased its position in shares of Absci by 5.6% during the 4th quarter. Deutsche Bank AG now owns 92,148 shares of the company's stock worth $322,000 after purchasing an additional 4,892 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors.

Absci Company Profile

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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