BTIG Research Reiterates Buy Rating for Absci (NASDAQ:ABSI)

Key Points

• BTIG Research reaffirmed its “Buy” rating on Absci and maintained a $13 price target, implying approximately 38% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate Absci a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average target price of $13.43.
• Absci’s latest quarter fell short of expectations, with an adjusted loss of $0.21 per share versus estimates of $0.19 and revenue of $0.32 million versus $0.89 million expected.

Absci (NASDAQ:ABSI - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They presently have a $13.00 target price on the stock. BTIG Research's price target would indicate a potential upside of 38.15% from the company's previous close.

Other research analysts have also issued research reports about the company. Morgan Stanley reaffirmed a "positive" rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They set an "outperform" rating and a $12.00 target price on the stock. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Absci in a report on Wednesday. Guggenheim raised their price target on Absci from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, June 15th. Finally, HC Wainwright boosted their price target on shares of Absci from $8.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Absci has an average rating of "Moderate Buy" and an average target price of $13.43.

Absci Trading Up 4.4%

ABSI stock opened at $9.41 on Wednesday. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -11.34 and a beta of 2.35. The firm's 50-day moving average price is $8.68 and its two-hundred day moving average price is $5.38. Absci has a 12-month low of $2.24 and a 12-month high of $12.06.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share 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 analysts' expectations of $0.89 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. Equities analysts predict that Absci will post -0.71 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Absci during the second quarter worth about $141,112,000. State Street Corp grew its holdings in Absci by 190.1% in the fourth quarter. State Street Corp now owns 5,990,877 shares of the company's stock worth $20,908,000 after purchasing an additional 3,925,926 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Absci during the fourth quarter valued at approximately $8,201,000. Baker BROS. Advisors LP bought a new position in shares of Absci during the fourth quarter valued at approximately $7,450,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Absci by 2,955.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company's stock valued at $7,526,000 after purchasing an additional 2,085,501 shares during the last quarter. 52.05% of the stock is owned by hedge funds and other 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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