Absci’s (ABSI) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI) in a research note published on Wednesday,Benzinga reports. They currently have a $9.00 price target on the stock.

Several other research analysts have also weighed in on ABSI. Guggenheim reiterated a “buy” rating and issued a $10.00 price objective on shares of Absci in a research report on Thursday, March 20th. KeyCorp cut their price objective on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Wednesday, March 19th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Absci presently has an average rating of “Buy” and a consensus target price of $7.60.

Absci Stock Up 23.3 %

NASDAQ ABSI opened at $3.02 on Wednesday. The business’s fifty day simple moving average is $3.56 and its 200-day simple moving average is $3.50. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The firm has a market cap of $384.61 million, a PE ratio of -3.25 and a beta of 2.22. Absci has a 52 week low of $2.01 and a 52 week high of $6.33.

Absci (NASDAQ:ABSI) last issued its earnings results on Tuesday, March 18th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The firm had revenue of $0.67 million for the quarter, compared to analysts’ expectations of $1.77 million. As a group, equities analysts anticipate that Absci will post -0.89 earnings per share for the current year.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC lifted its position in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after purchasing an additional 1,928,314 shares in the last quarter. Royce & Associates LP lifted its holdings in Absci by 472.1% during the 4th quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock worth $2,311,000 after buying an additional 727,905 shares in the last quarter. Two Sigma Advisers LP boosted its position in Absci by 191.9% in the 4th quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock valued at $1,772,000 after buying an additional 444,700 shares during the period. Two Sigma Investments LP grew its stake in shares of Absci by 97.2% in the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after acquiring an additional 443,410 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Absci by 28.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after acquiring an additional 253,985 shares during the period. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.