Absci (NASDAQ:ABSI) Price Target Raised to $13.00 at BTIG Research

Absci (NASDAQ:ABSI) had its target price increased by investment analysts at BTIG Research from $9.00 to $13.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price suggests a potential upside of 26.55% from the stock’s previous close.

Other analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, March 25th. Morgan Stanley set a $4.10 price objective on shares of Absci in a research report on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Guggenheim raised their target price on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a report on Monday, June 15th. Finally, Truist Financial lifted their price objective on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Absci has a consensus rating of “Moderate Buy” and an average target price of $10.01.

Absci Stock Performance

NASDAQ:ABSI traded up $2.86 on Wednesday, reaching $10.27. The company’s stock had a trading volume of 26,644,194 shares, compared to its average volume of 4,508,016. Absci has a 1-year low of $2.24 and a 1-year high of $10.84. The business’s 50-day moving average price is $5.52 and its two-hundred day moving average price is $3.92. The firm has a market cap of $1.60 billion, a PE ratio of -12.25 and a beta of 2.44.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. As a group, sell-side analysts expect that Absci will post -0.72 EPS for the current year.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. State Street Corp raised its stake in shares of Absci by 190.1% during the 4th 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 purchased a new position in shares of Absci in the 4th quarter worth about $8,201,000. Baker BROS. Advisors LP bought a new position in Absci during the fourth quarter valued at about $7,450,000. ARK Investment Management LLC grew its position in Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after buying an additional 2,116,845 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in 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 worth $7,526,000 after buying an additional 2,085,501 shares during the last quarter. 52.05% of the stock is owned by institutional investors.

About Absci

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.