Brokerages Set Absci Corporation (NASDAQ:ABSI) Price Target at $13.43

Shares of Absci Corporation (NASDAQ:ABSI) have earned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $13.4286.

A number of research analysts have commented on ABSI shares. Leerink Partners assumed coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. HC Wainwright boosted their target price 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. Wall Street Zen downgraded shares of Absci from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, 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.

Absci Stock Down 2.1%

Shares of NASDAQ:ABSI opened at $8.07 on Tuesday. Absci has a 12-month low of $2.24 and a 12-month high of $12.06. The stock has a market cap of $1.26 billion, a PE ratio of -9.72 and a beta of 2.32. The business has a 50 day moving average of $8.00 and a 200-day moving average of $4.95.

Absci (NASDAQ:ABSI) last announced its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. Equities research analysts expect that Absci will post -0.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ABSI. Quarry LP acquired a new stake in shares of Absci in the third quarter valued at approximately $26,000. Essential Partners LLC grew its position in Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets grew its position in Absci by 91.2% during the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after buying an additional 5,385 shares in the last quarter. Legal & General Group Plc grew its position in Absci by 45.9% during the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after buying an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in Absci during the 1st quarter worth $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.