Absci (NASDAQ:ABSI) Price Target Raised to $16.00

Absci (NASDAQ:ABSI) had its target price lifted by research analysts at BTIG Research from $13.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 81.41% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. HC Wainwright raised their price objective on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They issued 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 research report on Wednesday, August 12th. Morgan Stanley reiterated a “positive” rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Finally, Guggenheim upped their target price on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.86.

Absci Stock Performance

Shares of ABSI opened at $8.82 on Tuesday. The business’s fifty day moving average price is $9.21 and its two-hundred day moving average price is $6.23. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -11.03 and a beta of 2.42. Absci has a 52 week low of $2.24 and a 52 week high of $12.06.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. As a group, research analysts forecast that Absci will post -0.74 EPS for the current year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP acquired a new position in Absci during the 3rd quarter worth approximately $26,000. Essential Partners LLC lifted its position in shares of Absci by 113,850.0% in the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings 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 purchasing an additional 5,385 shares during the last quarter. Legal & General Group Plc grew its position in Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after purchasing an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in Absci in the first quarter valued at $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.